Gold prices settled at 6-year lows as hawkish remarks from Fed Chair Janet Yellen and an upbeat Beige Book cemented expectations of a U.S. interest rate hike in December.
In a speech in Washington, Yellen acknowledged that conditions for tightening are on the verge of being met.
“I currently judge that U.S. economic growth is likely to be sufficient over the next year or two to result in further improvement in the labor market,” Yellen said.
Meanwhile, the U.S. consumer remains in an upbeat mood heading into the holidays, according to the Federal Reserve’s Beige Book.
February gold settled at $1,053.80 an ounce on Comex, the lowest settlement since February 2010.
The material has been provided by InstaForex Company – www.instaforex.com