Weeks of Yellen Buildup and Gold Traders Still Guessing on Rates
- Fed sees ‘moderate growth,’ gradual rate rise, Yellen says
- Fischer: Yellen speech consistent with possible Sept. hike
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After weeks of anticipation and a nine-page speech by Federal Reserve Chair Janet Yellen, gold traders are signaling they have no clearer picture of when U.S. interest rates will rise.
Gold rose as much as 1.6 percent after Yellen said that while the case for a rate hike has strengthened recently, a gradual increase will be appropriate “over time,” initially easing concerns that the Fed would make a move next month. The gains were all but erased after Fed Vice Chairman Stanley Fischer said her remarks leave open the possibility of boosting rates in September.