Gold prices were flat Wednesday morning ahead of public remarks from Federal Reserve Chair Janet Yellen, who will deliver semi-annual testimony on the economy to Congress.
Yellen’s remarks will be closely watched for hints that the Fed will raise rates in December.
Gold traders are leaning toward a rate hike, with prices dropping sharply since the Fed’s somewhat cryptic October policy statement.
Gold for December is up $3 at $1118 an ounce this morning, but has slipped more than $50 over the past week.
The material has been provided by InstaForex Company – www.instaforex.com