Bengaluru — Gold prices edged down on Thursday on a strong dollar after Federal Reserve chairperson Janet Yellen advocated lifting US interest rates gradually. Spot gold was down 0.1% to $1,202/oz by 3.35am GMT, after dropping to as much as $1,197.31. The bullion hit an eight-week high of $1,218.64 on Tuesday. US gold futures had fallen as much as more than 1% to $1,197.10. The dollar index, which measures the greenback against a basket of currencies, rose 0.3% to 101.200. "There is no change in Fed’s stance about rate hikes, which is in line with market expectations," said Mark To, head of research at Hong Kong’s Wing Fung Financial Group. With the US economy close to full employment and inflation headed toward the Federal Reserve’s 2% goal, it "makes sense" for the US central bank to gradually lift interest rates, Fed chairperson Janet Yellen said on Wednesday. Dallas Fed president Robert Kaplan on Wednesday joined the chorus of central bank officials making a case for a gradual h...
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