Gold slips as dollar regains poise before Yellen speech and US inflation data
London — Gold retreated on Wednesday from the previous day’s eight-week high as a rebound in the dollar ahead of US inflation data and a speech by Federal Reserve chairwoman Janet Yellen prompted some buyers to cash in gains. Bullion peaked at $1,218.64 an ounce on Tuesday as the dollar index slid to a four-week low, hurt by US president-elect Donald Trump’s claim that the US currency’s strength against the yuan "is killing us" and British Prime Minister Theresa May calming Brexit speech sparked a surge in the pound. Gold struggled to maintain those gains as the dollar index recovered some lost ground on Wednesday, however. Spot gold was down 0.3% at $1,212.50 an ounce at 10.41am GMT while US gold futures for February delivery were down 60c an ounce at $1,212.30. "It is normal that prices take a breather after the strong gains we witnessed over the past few days," said Commerzbank analyst Carsten Fritsch. "All in all, the sentiment for gold has clearly improved. The US dollar rally ...
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