Gold Drops From One-Month High as Yellen Signals 2015 Rate Rise
- Fed chair says policy makers on track to raise rates this year
- Gold falls for first time in three days as dollar strengthens
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Federal Reserve Chair Janet Yellen dealt a blow to gold bulls who had pushed prices to the highest in a month.
Yellen on Thursday said the central bank is on track to raise interest rates this year. Her message was consistent with other policy makers who have talked up the prospect of higher rates since last week’s meeting. The Fed decided to keep rates unchanged at a record low at that gathering, citing concerns on below-target inflation and the impact of a slowdown in China.