LONDON: Gold stabilised below a 7-1/2 month high on Wednesday after US Federal Reserve Chair Janet Yellen said that only “gradual” adjustments to monetary policy were likely.
Spot gold, recovered earlier losses to rise 0.1 per cent to $1,189.31 an ounce by 1425 GMT. The metal climbed to $1,200.60 on Monday, the highest since June 22 2015, benefiting from a weakening dollar and lower appetite for risk amid worries about European banks.
“The most immediate resistance level is $1,200, but we need to enter the $1,220/ $1,230 to become more positive in the longer term,” an analyst said.
Spot fell 0.1pc at $15.21 an ounce on Monday. Platinum dropped 0.4pc to $929, while palladium was unchanged at $513.11.
Courtesy : Dawn News