Gold neared a three-month high on Tuesday, gaining 1.5 percent after Federal Reserve Chair Janet Yellen made it clear she would not make any abrupt changes to the central bank’s commitment to a measured tapering of bond purchases.
In her testimony before the U.S. House Financial Services Committee, Yellen said she strongly supports the monetary policy approach driven by her predecessor, Ben Bernanke.
“The overall tone of Yellen’s comment is a carbon copy of the Fed’s existing policy under Bernanke, so the market is relieved that there will be no tightening any time soon,” said Bill O’Neill, partner of New Jersey commodities investment firm LOGIC Advisors.
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