MTECHTIPS;-Gold flat amid uptick in expectations of rate hike later this year


MTECHTIPS;-Gold flat amid uptick in expectations of rate hike later this year

MTECHTIPS-Gold edged lower on Monday, as investors looked ahead to testimony from Fed chair Janet Yellen later this week on the health of the economy and the Fed’s monetary policy outlook. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $1.49, or 0.12%, to $1,211.99 a troy ounce. Gold eased from highs, as investors awaited testimony from Fed chair Janet Yellen on the state of the U.S. economy and the Fed’s monetary policy outlook amid growing expectations that the Fed will raise interest rates at least once more this year. Yellen is scheduled to testify on the economy before the Senate Banking Committee at 10:00 AM ET (14:00 GMT) Wednesday. On Thursday, she will appear in front the House Financial Services Committee also at 10:00 AM ET. The move lower in gold prices comes amid a rise in global bond yields, after the Bank of England and the European signalled that ultra-loose monetary measures may be nearing the end, leading many analysts to believe that upside for the yellow-metal remained limited.

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