Gold Futures Off Session Highs As Traders Weigh Yellen's Remarks

By Myra P. Saefong Markets MarketWatch Pulse

Gold futures edged higher Tuesday, but traded well off the session's highs as traders weighed prepared remarks from Federal Reserve Chairwoman Janet Yellen, as well as comments from Richmond Fed President Jeffrey Lacker. In prepared remarks ahead of her testimony to Congress, Yellen said interest-rate hikes can be gradual but the central bank will look to incoming economic data to see if an adjustment to the federal funds rate would be appropriate. Separately, Lacker said that "significantly higher rates are warranted." April gold rose $2.10, or 0.2%, to trade at $1,227.90 an ounce, below the intraday high of $1,236.

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