Gold snaps seven-day rally ahead of Yellen speech; set for second weekly gain
Yahoo News - Mar 27, 2015
Gold fell on Friday, snapping a seven-day rally as investors remained cautious ahead of comments from U.S. Federal Reserve Chair Janet Yellen, but the metal still looked set to post its second straight weekly gain.
Despite Friday's losses, gold was on track to finish the week up around 1.5 percent after its longest winning stretch since August 2012.
Yellen will speak in San Francisco on monetary policy in a speech scheduled for 1945 GMT and traders will be listening for clues on when the Fed may begin tightening monetary policy.
"Yellen ... has been accused of being too dovish and maybe she wants to react to that by making her speech sound a little bit less dovish," Saxo Bank senior manager Ole Hansen said.
Spot gold (XAU=) eased 0.4 percent to $1,203.98 an ounce by 2:36 p.m. EDT (1836 GMT). The metal jumped 2 percent on Thursday to its highest since March 2 at $1,219.40 in reaction to tensions in the Middle East.
