MTECHTIPS;-Gold nears 1-week high as markets bet on patient Fed

MTECHTIPS;-Gold nears 1-week high as markets bet on patient Fed

MTECHTIPS-Gold prices edged higher in European trade on Thursday, nearing a one-week high following Federal Reserve Chair Janet Yellen’s congressional testimony to gradually raise interest rates. Comex gold futures were at $1,222.49 a troy ounce by 3:18 AM ET (0718 GMT), up $3.40, or around 0.3%. Prices tallied a third-straight gain Wednesday after Yellen sounded cautious on inflation and noted the Fed would not need to raise rates “all that much further” to reach current low estimates of the neutral funds rate. She also said that the U.S. economy is healthy enough for the Fed to begin winding down its massive $4.5 trillion balance sheet at some point this year. The speech was seen as mainly dovish by market participants. The dollar index traded down almost 0.3% at 95.31 in early trade, not far from the nine-month low of 95.22 plumbed in late June. Yields of the benchmark 10-year U.S. Treasury fell to 2.32%, well off highs near 2.39% touched last week
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