Gold Advances as Fed’s Yellen Sees Rate Rise ‘Over Time’

by Joe Deaux

Gold headed for the biggest gain in more than three weeks after Federal Reserve Chair Janet Yellen said that while the case for an interest-rate hike has strengthened recently, a gradual increase will be appropriate “over time.”

“It seems like there is some sort of building consensus to a rate hike, but not imminent,” according to George Gero, a managing director at RBC Wealth Management in New York. Her remarks are “pointing more toward December than September as they await more data,” he said in a telephone interview.

Yellen said the case to raise interest rates is getting stronger as the U.S. economy approaches the central bank’s goals.

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