Gold Futures Fall to Three-Week Low as Dollar Advances
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Gold futures fell to a three-week low in New York as a gain in the dollar reduced demand for the metal as an alternative investment.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, rose to the highest since June 25 as Federal Reserve Chair Janet Yellen told lawmakers the U.S. economy is on a solid trajectory, while emphasizing “significant slack” in labor markets. Yellen made the remarks today in her semi-annual testimony prepared for delivery to the Senate Banking Committee.