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Spot gold slipped 0.1 percent to $1,202 an ounce after Fed Chair Janet Yellen said it made sense to lift US interest rates gradually. The dollar index rose 0.3 percent to 101.23, and gold had earlier hit an eight-week high of $1,218.64 on Tuesday.
A firmer dollar and higher expected US rates make dollar-priced commodities more expensive for foreign buyers, which weighs on commodity prices. The effect on feed-grain prices is indirect.
reuters.comJan 19, 2017After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
