Gold prices were flat Monday morning, holding on to recent gains amid dovish rhetoric from a top official at the Federal Reserve.
“I see no compelling reason for us to be in a hurry to tighten financial conditions until” inflation is rising near the Fed’s 2 percent target, Charles Evans, the president of the Chicago Fed, said.
Inflation has been stubbornly low for years, allowing the Fed to keep interest rates at zero.
Gold was up $2 at $1227 an ounce on the New York Mercantile Exchange.
Fed Chair Janet Yellen speaks later in the week.
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