Gold Price Flat After Yellen Hawkish Remarks

New York (Aug 26)  Gold futures nudged higher Friday, trimming this week's losses. Dec. gold gained USD1.30, or 0.1%, for the session to finish at USD1,325.90/oz. Gold was down 1.5% for the week.

Traders reacted to a speech from Federal Reserve chair Janet Yellen indicating a willingness to hike interest rates.

The Federal Open Market Committee "continues to anticipate that gradual increases in the federal funds rate will be appropriate over time to achieve and sustain employment and inflation near our statutory objectives," Yellen said in Jackson Hole.

During the day the US$ Index traded nearly +1% higher to 95.55...and looks to go higher next week. Correspondingly, the Euro declined nearly -1% to 1.12.

Source: RTTnews