Gold futures on Tuesday marked their first loss in three sessions, with prices only briefly touching a high above the key $1,900 mark. The market is paying close attention to Treasury Secretary Janet Yellen’s recent comments on interest rates and how inflation could be good for economy, said Jeff Wright, chief investment officer at Wolfpack Capital. In an interview with Bloomberg News on Sunday, Yellen said higher interest rates would be “a plus” for policy makers. “A meaningful rise in interest rates would dramatically curtail economic growth,” so that would be a “difficult needle to thread,” said Wright. He said he’ll be keeping an eye out for further comments from Yellen and await the reading on the U.S. consumer price index due Thursday. In the meantime, gold is back to being rangebound between $1,800 and $1,900 “until it breaks well past $1,900 on the upside,” he said. August gold fell $4.40, or 0.2%, to settle at $1,894.40 an ounce after trading as high as $1,906.90.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
