Gold Pulls Back From Recent Highs 12-Feb-2014

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Gold futures pulled back in the Asia electronic session today as the recent highs near $ 1300 an ounce tempted investors to take profits. The metal jumped more than 1% yesterday adding to its last week’s nonfarm payrolls led rally.

gsr-06Gold for April delivery are trading down $4.3 at $ 1285.5 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it climbed $15.10, or 1.2%, to settle at $1,289.80 an ounce after rising as high as $1,294.40.

Yellen’s prepared testimony before the House Financial Services Committee closely tracked the language of the Fed’s last policy statement, repeating that the central bank would taper the pace of its asset-buying program if the economy continued to improve as expected.

In a question-and-answer session, Yellen said the Fed would pause from its path to slowly exit its bond-buying program if there was a significant change in the economic outlook.

While economic growth has picked up, “the recovery in the labor market is far from complete,” Yellen said in testimony to the House Financial Services Committee during her first public remarks as the central-bank head.

In January, U.S. payrolls rose less than forecast, while the jobless rate unexpectedly fell, the government said Feb. 7. Yellen signaled that the central bank will remain on the loose monetary-policy path laid out by Ben Bernanke.

MCX April delivery gold futures may open today’s session near Rs 29000 levels with support near Rs 28900 levels.