After Brief Dip, Gold Price Moves Higher Post-Yellen Remarks

Jackson Hole-Wyoming (Aug 26)  The latest Fed Speak is deemed more hawkish than usual, as Federal Reserve chair Janet Yellen says there is a stronger case for a rate hike with the U.S. economy nearing goals of maximum employment and price stability. “In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months,” she said. Gold initially dipped on the news but is now 1.5% higher post-remarks. December Comex gold futures last traded at $1,343.40 an ounce while September silver last traded at $18.950, 2.49% on the day.

Source: KitcoNews