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Gold prices ended Wednesday’s session up $3.80 an ounce, extending their gains to a third-straight session, after Federal Reserve Chair Janet Yellen signaled a cautious approach to further monetary tightening.
The EUR/USD pair rallied on Tuesday, breaking towards the 1.15 level. The British pound initially tried to rally, but turned around after Broadbent failed to mention anything about monetary policy.
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Gold prices rose yesterday, edging further away from a 4-month low struck earlier this week, as the dollar weakened ahead of an appearance by Federal Reserve chair Janet Yellen in front of a congressional committee.
The US dollar rallied against the Japanese yen during most of the session, but turned around to form a bit of shooting star. The Australian dollar rallied during the day, breaking above the 0.7625 level, which is an area where we have seen a lot of resistance.