Gold prices variation after Janet Yellen’s remarks


On Thursday gold prices has increased in the Europe market to continue its rising for the fourth day respectively, after the first part of the Federal Reserve President Janet Yellen witness in front of the American parliament, and she makes sure about accelerating the monetary policy tightening, and the investors are waiting today for the second part of the witness in front of the banking committee in the Senate.
At 9:55 GMT gold prices have increased to the level 1222.20 USD for ounce from the opening level 1219.23 USD, and record the highest level 1224.41 USD, and the lowest 1217.84 USD.
 Gold prices have ended yesterday trading with an increase by 0.2%, in a third daily gain respectively, after the probability of increasing the American interest prices for the third time during this year has backed down.
 Janet Yellen said in front of the financial services committee in the parliament that the economy is strong enough to continue the monetary policy tightening gradually, and the moving on in executing the plans of increasing the interest prices and starting decreasing the budget for the federal reserve this year.
 And Yellen makes sure that the twice of inflation rates in the country and the decreasing in interest price, may not allow the area open for the monetary policy makers to move fast because of the increase in interest prices.
The second part of Yellen witness will start at 14:00 GMT in front of banking committee in the Senate, in the middle of the expectation of continuing the gradually tone of the federal reserve president, especially that most of the international central banks lately pointed to no need for motivation policy with the economic growth improvement.
Gold holdings at the biggest international indexes boxes SPDR Gold Trust box which is supported with gold still yesterday without any change mentioned at the total 832.39 metric tons and that’s the lowest level since 30 of March.