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Gold halted a four-day decline and extended its rebound from 7-week lows in today's trading, back slightly above the USD1,200 threshold on FED rate outlook. Yellen testified before the Senate Banking Committee in Washington on Tuesday. She said it is unlikely that the Fed will raise its interest rate in "the next couple of FOMC meetings". A broadly weaker U.S. dollar supported the price.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as the precious metal is dollar-denominated and not yield-bearing.
The precious metal is currently quoted at USD1,206.60 +0,60% a troy ounce. Gold fell 2.3% last week, a fourth straight loss. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
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