14th November 2013
Gold has advanced for a second successive session today (November 14th), boosted by suggestions the Federal Reserve will continue its monetary stimulus into 2014.
Speculation the US central bank has been preparing to scale back its asset purchases has weighed on bullion prices over the course of 2013 and the metal has declined by 23 per cent. It is on course to record its first annual fall since 2000.
Later today, Ms Yellen will face the Senate Banking Committee and investors will be closely monitoring the discussions for indications as to Fed's future intentions regarding its quantitative easing programme.
Gold for December delivery added 1.3 per cent on the Comex division of the New York Mercantile Exchange during early European trading, taking prices to $1,284.70 per ounce.
Prices added 1.1 per cent yesterday - the largest single-day gain since October 22nd - advancing as the dollar traded lower in forex markets.
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