Gold prices finish lower after Yellen hints at a possible U.S. interest-rate hike
Gold futures finished with a loss on Tuesday (http://www.marketwatch.com/story/gold-prices-resume-skid-as-dollar-punches-higher-11620133238), giving back much of what they gained a day earlier, as comments from U.S. Treasury Secretary Janet Yellen (http://www.marketwatch.com/story/yellen-says-interest-rates-may-have-to-rise-somewhat-to-keep-economy-from-overheating-11620143233) hinted that an interest-rate increase may be forthcoming from the Federal Reserve to keep the economy from overheating. Yellen does not set interest-rate policy at the Treasury, but she formerly led the Fed. Until last week, current Fed Chairman Jerome Powell had "dashed all interest-rate hike expectations," said Chintan Karnani, director of research at Insignia Consultants. Yellen may be preparing the markets for a June interest rate hike if U.S. economic growth continues to perform well in May, he said. June gold fell $15.80, or 0.9%, to settle at $1,776 an ounce.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2021 13:48 ET (17:48 GMT)
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