June gold futures were last up $5.90 at $1,781.80 and July Comex silver was last down $0.008 at $26.545 an ounce.
The featured scheduled data point in the U.S.
“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” she said.
“It’s not something I’m predicting or recommending…; if anyone appreciates the independence of the Federal Reserve, I think that person is me.” The marketplace was surprised by Yellen’s morning remarks, including the stock market selling off, and gold and silver doing the same.
In the Euro zone Wednesday, the March producer price index came in at up 1.1% from February and up 4.3%, year-on-year.
economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the U.S.
Technically, June gold futures bulls have the slight overall near-term technical advantage amid a price uptrend on the daily bar chart.
The silver bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart.