Chair Janet Yellen told Congress in the middle of last week that there is good reason to continue tapering the amount of monthly asset purchases. On four straight occasions, the central bank has slashed stimulus by $10 billion per month.
"There are real mixed messages from the Fed," market strategist Kevin Caron with Stifel Nicolaus & Co. in Florham Park, New Jersey told Bloomberg later last week. "If you're a gold investor and you're looking for the Fed to talk incredibly dovishly, you may be disappointed."
At 9:09 a.m. on Monday, gold futures were up 0.92 percent, an $11.89 lift to $1,300.89 per troy ounce. At 9:10 a.m., silver futures climbed 2.33 percent, a 45-cent lift to $19.62 per troy ounce.
The Economic Times reports jewelers said demand for the yellowish metal is likely to climb if the price of gold continues dropping. As of late, stronger import tariffs have has a negative impact on sales.
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