Gold Steadies at $1,284.30 an Ounce on Fed Comments

Gold was steady on Tuesday at $1,284.30 an ounce as it recovered from earlier lows in Asian trade, according to Reuters. U.S. Federal Reserve Chair Janet Yellen made comments that reassured investors the Fed would continue to take measures to support the U.S. economy. These comments depressed the dollar slightly, but did not give the lift to gold that similar news has in the recent past.

“The lack of bounce yesterday following the somewhat dovish comment from Yellen … gave an indication of how the sentiment in gold has changed,” Ole Hansen, head of research at Saxo Bank, told Reuters.

U.S. gold futures for June delivery rose $0.70 to $1,287.40 an ounce.