Gold rebounds from 7-week low on Yellen's dovish tone on rates

Singapore

GOLD climbed back above US$1,200 an ounce on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising US interest rates.

The US dollar weakened after Ms Yellen held back from giving a clear view on when the Fed may begin hiking rates, with US gold futures rising one per cent and silver prices climbing more than 3 per cent.