Gold hovers near 7-week low ahead of Yellen’s speech

Gold steadied near its lowest level in seven weeks on Tuesday as investors looked to Federal Reserve Chair Janet Yellen’s Senate testimony for signs of when the U.S. central bank will raise interest rates.

Expectations that the Fed will hike interest rates this year amid signals of a strengthening U.S. economy have curbed gold’s safe-haven appeal

Yellen will discuss the outlook for the U.S. economy and monetary policy in her semiannual testimony to the Senate Banking Committee on Tuesday.

Investors are keen to see if Yellen will echo the minutes of the Fed’s January meeting, in which policymakers expressed the view that raising interest rates too soon may pour cold water on the U.S. economic recovery.

U.S. home resales fell sharply to their lowest level in nine months in January amid a shortage of properties on the market, a setback that could temper expectations for an acceleration in housing activity this year.

Greece will present its economic reform plans to the euro zone on Tuesday, missing a Monday deadline for the list which is a condition for extending the country’s financial lifeline.

 Varchev Traders

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