Gold Barely Budges As Yellen Goes Mum On Rates

Gold futures were little changed Tuesday, as a pair of speeches from Federal Reserve officials offered little insight on the outlook for interest rates.

Giving back early gains, August gold settled at $1,246.90/oz, up 50 cents.

Chair Janet Yellen discussed global economic issues in London, but demurred on whether another rate hike is imminent.

Meanwhile, Vice Chair Stanley Fischer said that risk appetite is picking up, reflected by rising equities.

“There is no doubt the soundness and resilience of our financial system has improved since the 2007-09 crisis. We have a better capitalized and more liquid banking system, less run-prone money markets, and more robust resolution mechanisms for large financial institutions. However, it would be foolish to think we have eliminated all risks,” Fischer said.

Consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.

The material has been provided by InstaForex Company – www.instaforex.com

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