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Gold Prices Bounce Back On Yellen's Testimony Amid New Worries


Gold Prices are moving lower on Tuesday on the back of comments from Fed Chief Janet Yellen. Earlier in the morning, prices had bounced back. Gold saw its biggest daily drop of the year on Monday. Mihir Dange, Independent Metals Trader at the NYMEX says he sees more profit taking ahead. Dange says gold traders are closely listening to Yellen's testimony for any clues the fed chief may give on the future direction of short-term interest rates. Dange says higher interest rates would likely discourage investors from owning the yellow metal and spur them to move their money into other assets. Goldman Sachs' reiterated its bearish call on gold which is not helping investor confidence in the precious metal. Goldman Sachs is standing by its view that gold will be lower by the end of December as the economy improves. TheStreet's Susannah Lee has details from New York.