Gold Futures Pare Gains As Yellen Says U.S. On Track For More Rate Hikes

Gold futures pared back some of their earlier gains Monday as U.S. Federal Reserve Chairwoman Janet Yellen said further gradual increases in U.S. interest rates will "probably" be appropriate. Higher interest rates can boost the dollar and weigh on dollar-denominated prices of gold. Gold for August delivery traded at $1,245.10 an ounce, up $2.20, or 0.2%, as Yellen spoke to the World Affairs Council of Philadelphia. Prices were trading at around $1,246.30 before the speech began.