Gold bounces off 7-week low as Yellen flags flexibility
CNBC - Feb 24, 2015
Gold edged higher on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising U.S. interest rates.
Yellen said on Tuesday that while the Fed is preparing to consider rate hikes on a "meeting-by-meeting basis", an increase is not likely for at least the next couple of meetings.
Spot gold was up half a percent at $1,206 an ounce by 0021 GMT, after hitting its weakest since Jan. 5 on Tuesday at $1,190.91.
U.S. gold for April delivery gained 0.8 percent to $1,206.30 an ounce. Silver, both spot and futures, rose more than 1 percent.
