Gold futures were lower Wednesday, as gains in the wake of dovish comments from Federal Reserve Chair Janet Yellen were short-lived.
In a speech to the Economic Club of New York yesterday, Yellen said she considers it appropriate for the Fed to proceed cautiously in adjusting monetary policy given the risks to the economic outlook.
Safe haven demand for gold has diminished amid increased risk appetite and rising stocks.
June gold settled at $1,228.60/oz, down $8.90, or 0.7 percent.
Traders weighed a prelude to Friday’s crucial jobs report.
ADP said private sector employment increased by 200,000 jobs in March after jumping by a downwardly revised 205,000 jobs in February. Economists had expected employment to climb by about 195,000 jobs.
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