“Part of that softness may reflect adverse weather conditions, but at this point it’s difficult to discern exactly how much,” Yellen told the Senate Banking Committee on Thursday.
This year, gold has gained 11 per cent. In 2013, the metal plunged 28 per cent, the most since 1981, amid a US equity rally to a record and muted inflation.
“There is some safe-haven buying,” Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said in a telephone interview. “The Fed clearly seems concerned about the economic conditions.”