Gold Rises to $1,296.20 per Ounce

Gold rose 0.2 percent or $2.59 from yesterday’s close to trade at $1,296.20 per ounce on Wednesday, according to Reuters. This rise followed a loss that totaled 3.3 percent over the past two sessions marking gold’s biggest two-day loss since October.

The metal fell below $1,300 per ounce for the first time since June 19 following U.S. Federal Reserve Chair Janet Yellen’s testimony yesterday, in which she indicated the bank might raise interest rates earlier if hiring picks up, but is likely to keep policy loose until the effects of the financial crisis are “completely gone.”

U.S. gold futures for August delivery were unchanged from the last session at $1,297.60 an ounce.

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