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1st LD Writethru: Gold down ahead of Fed Chairwoman Yellen's testimony in Congress

Xinhua, July 15, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday ahead of U.S. Federal Reserve Chairwoman Janet Yellen's testimony before Congress Wednesday.

The most active gold contract for August delivery lost 1.9 U.S. dollars or 0.16 percent, to settle at 1,153.50 dollars per ounce.

Gold was put under pressure as U.S. central bank Federal Reserve Chairwoman Janet Yellen prepared to testify before an American congressional committee Wednesday regarding interest rates. Analysts originally expected interest rates to rise in June, but due to weaker-than-expected employment data, expectations were pushed back to September. Yellen said Friday that the U.S. was on track for an increase in the interest rate this year. When U.S. interest rates rise, demand for the precious metal is dampened as it bears no interest.

Gold was given some support, preventing it from falling even further as a report released by the U.S. Department of Commerce showed retail sales coming in worse than expected. The core reading showed negative 0.3 percent, with analysts attributing much of the fall to a decrease in the sales of automobiles.

Silver for September delivery fell 14.2 cents, or 0.92 percent, to close at 15.315 dollars per ounce. Platinum for October delivery lost 7.6 dollars, or 0.73 percent, to close at 1,028.40 dollars per ounce. Endite