Gold prices end higher as Yellen clarifies recent comments on interest rates

Gold futures ended higher on Wednesday to recoup only part of what they lost a day earlier as U.S. Treasury Secretary Janet Yellen clarified recent remarks and said she was neither predicting nor recommending that the Federal Reserve raise interest rates to keep the economy from overheating. The $1,800 mark for gold is a “very strong resistance level” and further comments from Yellen “clarifying that she was not predicting anything in particular did nothing to help gold break through,” said David Russell, director of marketing at GoldCore. June gold rose $8.30, or 0.5%, to settle at $1,784.30 an ounce.

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