Skip to content
Subscriber Only

Gold Falls for Fifth Day as Yellen Testimony Fuels Fed Rate Bets

Updated on

Gold futures fell for a fifth straight session after Federal Reserve Chair Janet Yellen signaled the central bank is on track to raise interest rates this year as the U.S. economy improves.

Fed officials expect growth “to strengthen over the remainder of this year and the unemployment rate to decline gradually,” Yellen said in testimony Wednesday before the House Financial Services Committee in Washington. Higher rates curb gold’s appeal because the metal doesn’t pay interest or give returns like assets such as bonds and equities.