MTECHTIPS:-Gold edges higher with Yellen, data in focus


MTECHTIPS:-Gold edges higher with Yellen, data in focus

MTECHTIPS-Gold prices edged higher in North American trade on Tuesday, bouncing back from sharp losses a day earlier, as investors awaited data and key remarks from leading Federal Reserve members including Chair Janet Yellen. Comex gold futures were at $1,250.20 a troy ounce by 8:35 AM ET (1235 GMT), up $3.80, or around 0.3%. It fell to its lowest since May 17 at $1,236.50 in the prior session. Gold fell sharply Monday, with prices marking their first decline in four sessions, as a large sell order and a stronger dollar hit sentiment. Also on the Comex, silver futures ticked up 6.5 cents, or roughly 0.4%, to $16.63 a troy ounce, recovering from the prior session’s seven-week low of $16.22. Fed Chair Janet Yellen is due to speak about global economic issues at the British Academy’s 2017 President’s Lecture in London at 1:00 PM ET (1700 GMT). Audience questions are expected. Her comments will be monitored closely for any new insight on policy and the timing of when the Fed will next raise interest rates. The Fed chair could be asked about the U.S. central bank’s plan to start shrinking its massive balance sheet, which ballooned to $4.5 trillion in wake of the financial crisis. Besides Yellen, a pair of Fed policymakers are due to make public appearances on Tuesday that may offer further insight into the debate among policymakers on the likelihood of higher interest rates in the months ahead

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