[miningmx.com] – GOLD extended its largest weekly loss since November amid comments from Federal Reserve chairperson, Janet Yellen, that the US could lift interest rates in 2015, said Bloomberg News.
Yellen was commenting after announcing the Fed’s third $10bn cut in monthly bond purchases. Bloomberg News quoted Yellen as saying benchmark interest rates may rise about six months after the asset buying ends, expected later this year.
Investors are “not so concerned about the tapering part but rising U.S. interest rates,’ David Lennox, a resource analyst at Fat Prophets told the newswire. “Yellen’s comments will now be in the back of investors’ minds until we get into 2015,’ he said.
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