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| Commodity News |
| HeadLine : |
Gold prices flat in Asia as market digests Yellen comments, eye Greece |
| Date : |
May 25 2015 |
- Gold prices held steady in early Asia on Monday as markets digested comments on the prospect for a Federal Reserve rate hike this eyar and Greece remained on the boil.
- On the Comex, gold for June delivery traded at $1.204.90 a troy ounce.
- Silver for July delivery fell 0.25% to $17.057 a troy ounce.
- Reuters reported that Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors.
- Last week, gold futures inched higher near the ende of the week as investors assessed anew prospects for a rate hike by the Federal Reserve this year.
- On Friday, a mostly upbeat Federal Reserve Chair Janet Yellen said Friday "it will be appropriate" for the Fed to start raising the federal funds rate from near zero "at some point this year" if the economy performs as she expects.
- Yellen said she would want to see "continued improvement in labor market conditions" and become "reasonably confident" inflation will move back to 2% "over the medium term".
- A relatively benign CPI report for the month of April likely added to uncertainty. On its face, consumer prices appeared to be soft last month as the headline CPI only gained 0.1% from March, slightly below economists' forecasts. Over the last 12 months.
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