The price of gold for February delivery settled lower today, down 0.28%, at $1139.60, largely on news of the retreating dollar.
The commodity rose $3.80, or 0.3%, to $1,141.30 an ounce this morning, regaining some of the lustre it lost last week. Gold shed about 1.8% for the week ending December 16, and the gold futures contract’s lowest settlement point last week was $1,129.80.
The dollar index, which rocketed to a 14-year-high last week, traded up less than 0.1%, on morning trading.
Gold hit that February price low as the first U.S. interest-rate hike in a year was announced last week by the Fed. That was accompanied by signals for a more hawkish Federal Reserve in 2017. That sent the greenback surging and weighed heavily on precious metals that are pegged to the dollar.
Fed Chairwoman Janet Yellen, as scheduled at 1:30 p.m. Eastern Time, gave a speech today at the University of Baltimore on “The State of the Labor Market.”
The remarks, a copy of which was provided to Investing.com, indicated that she sees the labor market as now experiencing the best hiring period in 10 years, and she added that she anticipates that wages will rise in the coming years for new graduates. Yellen was speaking to new college graduates.