Gold Climbs as Yellen Signals Continued Federal Reserve Stimulus
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Gold gained after Federal Reserve Chairman nominee Janet Yellen signaled she will carry on with U.S. monetary stimulus and more Americans than forecast filed claims for jobless benefits.
Yellen said in testimony to the Senate Banking Committee today that the central bank should take care not to withdraw stimulus too early, “especially when the recovery is fragile.” Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000, the Labor Department said today. The median forecast of 51 economists surveyed by Bloomberg was 330,000.