Bullion for immediate delivery was at $1,203.97 an ounce at 9:33 a.m. in Singapore from $1,201.83 on Monday, according to Bloomberg generic pricing. Prices fell to $1,191.19 on Feb. 23, the lowest since Jan. 5, as Greece sought a deal with creditors to unlock further cash by the end of the month.
Yellen is scheduled to testify in the Senate on Tuesday and in the House of Representatives the following day. She will probably provide an update on the central bank™s view after policy makers signaled at their Jan. 27-28 meeting they™re willing to keep interest rates low for longer given risks to the economy. Higher borrowing costs cut gold™s allure because the metal generally offers returns only through price gains.
Many central bank officials pointed to risks ranging from a stronger dollar to the turmoil in Greece as weakening the case for the first rate rise since 2006, according to the record of the bank™s January meeting, released on Feb. 18.
Greece™s month-old government submitted a draft list of new economic measures to creditor institutions on Monday offered in exchange for four months of additional funding. The proposals need to be validated by the International Monetary Fund, the European Central Bank and the European Commission, and then put to national parliaments for formal consent.
Gold for April delivery added 0.2 percent to $1,203.50 an ounce on the Comex. The most-active contract fell as much as 1.2 percent to $1,190.60 on Monday, the lowest since Jan. 5.
Sumber : ewfpro.com
