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Yellen Speaks; Gold Declines

The Fed released a transcript of Janet Yellen’s first testimony as Chairperson to Congress. Yellen said that the Central Bank will continue to follow a loose monetary policy. In terms of tapering, she said that the bank would taper its stimulus program in future meetings if the data is strong. 

The Bank will also hold the interest rate at zero unless the unemployment rate falls below 6.5%. She emphasized on the number of workers unemployed for more than 6 months as a better gauge of the growth in labor market versus the unemployment rate. 

Gold (XAU/USD) was trading higher ahead of the data however soon after the Yellen remarks gold trimmed its gains and fell back from the resistance of 1287.19. Yellen will appear before the panel at 10 AM EST.