Meanwhile, bullish traders pointed to economic uncertainty and negative interest rates around the world as further support for the precious metal. Moreover, the U.S. dollar dipped following Yellen’s comments, further supporting the commodities space.
SEE MORE: Gold ETFs can Keep Grinding Higher
Gold, though, slipped into the red late Friday from trading positive earlier in the day after Federal Reserve Vice Chairman Stanley Fischer evinced a hawkish interpretation of Yellen’s remarks. Fischer told CNBC that Yellen’s comments were consistent with the possibility of two hikes this year.
“Fischer wants to make September still on the table,” Mark Kepner, managing director and equity trader at Themis Trading LLC, told Bloomberg. “He mentioned he’s not concerned about the low growth we have had the first six months. He’s saying growth is more a productivity and investment story. There are light volumes, lightly staffed desks and these moves can easily happen.”
For more information on the gold bullion market, visit our gold category.
SPDR Gold Shares