Gold prices down in Asia as U.S. Tax cut details awaited, Yellen Noted
Gold prices fell in Asia as investors took positions ahead of an expected roll-out of the Trump administration's plan for tax cuts and after noting what some are seeing as a more hawkish Fed after a speech by the central bank's chief. Overnight, gold prices fell as December rate-hike expectations jumped after Federal Reserve chair Janet Yellen said that central bank should be “wary of moving too gradually” on interest rates to avoid the economy overheating. In a speech titled “Inflation, Uncertainty, and Monetary Policy” at the National Association for Business Economics’ annual meeting on Tuesday, Fed chair Janet Yellen reaffirmed the central bank’s view that raising rates gradually was the most appropriate policy amid uncertainty over inflation. “It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent,” Yellen said in the text of remarks prepared for delivery in Cleveland.
Source: Investing
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