World Economy

Gold Falls Below $1,200

Gold Falls Below $1,200Gold Falls Below $1,200

Gold fell nearly 1% to a two-week low on Tuesday as the dollar pushed higher following recent comments from Federal Reserve Chair Janet Yellen that reinforced the US central bank’s tightening bias on monetary policy, Reuters reported. Spot gold was down 0.8% at $1,197.46 an ounce by 0644 GMT, after slipping as low as $1,195.40. Yellen said on Friday that the US central bank was poised to raise interest rates this year as the US economy was set to bounce back from an early-year slump. Investors believe higher US interest rates would dent demand for non-interest-paying gold, while boosting the dollar.