Gold accelerated Tuesday after hitting its one-month low, as investors weigh the outlook for interest rate hikes before Federal Reserve Chair Janet Yellen’s speech.
Yellen is scheduled to address the House Financial Services Committee, who previously said the central bank will look into rate increase in December. Fed Vice Chair Stanley Fischer and Federal Reserve Bank of New York President William Dudley will speak on the same day.
Bullion for immediate delivery closed at $1,122.18 an ounce in Singapore, up 0.4%. Prices dropped to $1,114.56 Tuesday, its lowest since October 2. Bullion of 99.99% purity was at 229 yuan a gram ($1,123.54 an ounce) in China.
The metal slumped for the last five quarters despite debate on the timing of Fed’s rate liftoff.
The material has been provided by InstaForex Company – www.instaforex.com