Gold futures fell Wednesday after upbeat GDP data and hawkish comments from the nation’s top central banker.
Feb. gold dropped $13, or 1%, to settle at $1,286.20/oz.
Federal Reserve Chair Janet Yellen Wednesday morning cemented expectations for a U.S. interest rate hike in December with a rosy assessment of the domestic economy.
The outgoing Fed leader also said that inflation will move toward the Fed’s 2% annual target.
“The economic expansion is increasingly broad-based across sectors as well as across much of the global economy,” Yellen said in her remarks. “I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen further, supporting faster growth in wages and incomes.”
U.S. gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. Economists had expected the increase in GDP to be upwardly revised to 3.2 percent.
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