[miningmx.com] – GOLD was boosted after Federal Reserve charman nominee, Janet Yellen, said US monetary stimulus should be continued as US economic recovery was “fragile”.
Bloomberg News reported comments by Yellen that the central bank should take care not to withdraw stimulus too early “especially when the recovery is fragile”. Her comments come amid a 2,000 decline in jobless claims to 339,000 in the week ended November 9.
“The initial claims are worse than expected, giving gold a boost,’ Phil Streible, a commodity broker at R.J. O’Brien & Associates, told Bloomberg News. “The dovish statements from Yellen are also very supportive,’ he said.
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