Global gold price steadies after Yellen comments

| Updated: October 20, 2017 08:58:48

Gold steadies after Yellen comments

Gold prices were steady early Wednesday after falling over 1.0 per cent in the previous session on hawkish comments from US Federal Reserve Chair Janet Yellen.

Spot gold rose 0.1 per cent to $1,294.62 per ounce at 0108 GMT. Gold fell 1.3 per cent in the previous session, its biggest loss in over two weeks.

US gold futures for December delivery fell 0.35 per cent to $1,297.10 per ounce, reports Reuters.

The Fed needs to continue gradual rate hikes despite broad uncertainty about the path of inflation, Yellen said on Tuesday in remarks that acknowledged the central bank's struggles to forecast one of its key policy objectives.

China's net gold imports via its main conduit Hong Kong plunged 55 per cent month-on-month in August to the lowest level since January as higher domestic prices dented demand.

New York-based Paulson & Co, led by longtime gold bull John Paulson, called on Tuesday for the world's biggest investors in gold-mining stocks to form a coalition to tackle miners' "dreadful" performance.  

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