Gold rises on Yellen comments

AP News
Posted: Nov 14, 2013 5:11 PM

Gold is rising for the first day in six after Janet Yellen made it clear that she is prepared to stand by the Federal Reserve's extraordinary efforts to pump up the economy.

Analysts said that her comments suggest that the central bank remains concerned about the health of the economy, boosting demand for gold. Yellen, who is slated to replace Ben Bernanke as Fed chairman, was speaking before the Senate Banking Committee on Thursday.

The price of gold for December delivery rose $17.90, or 1.4 percent, to $1,286.30 an ounce.

Silver, platinum and palladium also rose. Copper was flat.

In trading of agricultural products, wheat, corn and soybeans all edged lower.

Crude for December delivery slipped 12 cents to $93.76 a barrel on the New York Mercantile Exchange.