Gold prices rose for a second day Thursday morning, amid renewed expectations that the Federal Reserve will hike interest rates mid-year.
Fed Chairman Janet Yellen speaking to Congress this week indicated the central bank will soon remove its pledge to be “patient” on interest rates, and will instead take a month-to-month, data dependent approach.
“If we gain confidence and continue to see the labor market improving, we will consider still raising rates” even if inflation lags, Yellen told the House Financial Services Committee in her semiannual report to Congress.
Gold for April was up $15 at $1215 an ounce, its highest in a week.
Wall Street awaits U.S. consumer price inflation and durable goods figures at 8:30 am ET this morning.
The material has been provided by InstaForex Company – www.instaforex.com