Gold Finds Footing Post-Yellen; Ends Day Slightly Higher

KITCO NEWS --Gold (GLD) - Get Report prices ended the U.S. day session slightly higher on Monday, following the highly anticipated speech today by Fed Chair Janet Yellen. 'I thought she would have been more concerned about the jobs report,' said Phil Streible, senior strategist for RJO Futures. 'Gold is hanging on to each comment that Yellen is making,' Streible said in an interview with Kitco News. Yellen offered only a bit of new insight into upcoming Fed monetary policy decisions following Friday's very downbeat jobs report for May that showed a paltry 38,000 rise in the key non-farm payrolls number. Speaking at an event in Philadelphia, Yellen continued to say the Fed needs to raise rates, but she stepped back from putting a time period on that plan. Gold prices pushed just modestly higher during Yellen's speech, as the U.S. dollar index moved to its daily low during that timeframe. August Comex gold was last up $4.20 an ounce at $1,247.20. July Comex silver was last up $0.065 at $16.43 an ounce.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.