Gold Firmed After U.S. Federal Reserve Chair Janet Yellen Made No Mention

Gold firmed after U.S. Federal Reserve Chair Janet Yellen made no mention of monetary policy in her much-anticipated speech. U.S. short-term interest rate futures rose slightly, reflecting reduced expectations that the Fed will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming. Dallas Fed President Robert Kaplan says he wants to be “patient” in removing accommodation. He doesn’t rule out a third rate hike in 2017, but pressed whether inflation had to rise, he didn’t definitely say.

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