Gold Futures Jump After Yellens Remarks

(July 12, 2017 - by Joseph Richter)

The gold market rendered a quick dovish read on Federal Reserve Chair Janet Yellen’s prepared testimony to Congress. Yellen said Wednesday that “considerable uncertainty always attends the economic outlook,” citing “uncertainty about when -- and how much -- inflation will respond to tightening resource utilization.” Gold futures for August delivery rebounded from a loss, heading for the biggest gain in five weeks on the Comex in New York.