Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.3%, closing under $1,195, on profit-taking after its 6% rise over the previous five sessions pushed prices to the highest level since mid-June.

In prepared remarks before the House Financial Services Committee, Fed Chair Janet Yellen was cautious about the outlook for the economy, acknowledging the "downside risks" posed by China's slowdown and admitting that "financial conditions have become less supportive to growth." While she made no direct comment on the pace of future rate hikes, she did emphasize that saing that "monetary policy is by no means on a preset course."

The dollar fell abruptly after Yellen's appearance, hitting a 15-month low against the yen, as traders speculated that the Fed is unlikely to raise interest rates in the near future. Treasury yields fell to a one-year low on flights to safety.

The other precious metals were mixed, with silver and platinum sliding 1.1% and 0.6% while palladium added 1.5%.

At the Comex close: April gold dipped $4 to $1,194.60; March silver dropped 17 cents to $15.28; April platinum lost $5.20 to $934.20; and March palladium added $7.85, to $524.70 an ounce.