adminLONDON. — Gold steadied below $1,300 an ounce after two days of losses yesterday, still trading near a four-week low on a stronger dollar and fears the Federal Reserve could hike US interest rates sooner than expected.
Fed chair Janet Yellen said on Tuesday the US central bank could raise rates earlier or faster if hiring and wages took off in an unexpected way, though she signalled that the Fed would keep monetary policy loose until jobs data showed the effects of the financial crisis were “completely gone”.
Spot gold rose 0,3 pc to $1,297,74 an ounce by 10.19 GMT, after losing 3,3pc in the last two sessions, its biggest two-day loss since October.
The metal broke below $1,300 for the first time since June 19 in the previous session following Mr Yellen’s testimony to the US Senate.
The dollar was up 0,1 pc versus a basket of currencies, while European shares also rose, buoyed by strength in miners after Chinese growth slightly beat expectations. – Reuters
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