Gold climbs up in familiar range as markets awaited testimony from Yellen

Gold prices went up higher in European hours today. Although it remained in a familiar range as markets awaited testimony from Janet Yellen who occupies the position of the Federal Reserve Chair.

Gold for December delivery on the Comex division of the New York Mercantile Exchange added on $3.10; this amounting to an increase of 0.25%. This brings it up to $1,227.00 for a troy ounce. Just yesterday, gold prices had suffered a drop of 0.1%.

Today happenings were really crucial owing to the testimony of Fed Chair Janet Yellen. She will gives her assessment of the US economy in the assembly of U.S. Congress Joint Economic Committee today.

Of course her comments are very vital and would be critically examined by the market for any clue of interest changes. So far at the beginning of this month, the Federal Reserve had chosen to leave interest rates unchanged although strong signals point to an increase in interest rates by December.