Gold futures snapped a three-day losing streak to close higher Tuesday after Federal Reserve Chairwoman Janet Yellen quelled speculation of an early interest rate hike with an emphasis on the need for caution in pushing ahead with tighter monetary policy. June gold rose $15.50, or 1.3%, to settle at $1,237.50 an ounce. Yellen, in prepared remarks at The Economic Club of New York, said "only gradual increases in the federal funds rate are likely to be warranted in coming years" due to economic uncertainties.
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