Investing.com - Investing.com - Gold futures rose on Wednesday after Federal Reserve Chair Janet Yellen said earlier that policy will remain accommodative despite an increase in appetite for risk in financial markets.
Still, upbeat private-sector jobs numbers out of the U.S. capped gold's gains by giving the dollar support.
Gold and the greenback tend to trade inversely with one another.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,329.70 a troy ounce during U.S. trading, up 0.23%, up from a session low of $1,322.20 and off a high of $1,332.70.
The August contract settled up 0.35% at $1,326.60 on Tuesday.
Futures were likely to find support at $1,311.00 a troy ounce, Monday's low, and resistance at $1,334.90, Tuesday's high.
Federal Reserve Chair Janet Yellen said earlier that an appetite for risk is on the rise, though the country's top economist sees no need to immediately alter today's accommodative U.S. monetary policy.
Corporate bond spreads have been falling as have volatility indicators such as the VIX, which may indicate that investors are taking on risks despite the possibility of facing losses for which they might not be fully prepared, Yellen said in a speech at the International Monetary Fund.
Still, policy will remain accommodative, as Fed policies aren't a panacea to deal with financial risks such as asset bubbles.
Her words sent gold prices rising, as loose monetary policy bolsters the precious metal's appeal as a safe-haven hedge.
Still, better-than-expected jobs numbers capped gains by reminding investors that the Fed will tighten policy one day, likely within a year after it winds down its monthly bond-buying stimulus program.
Payroll processor ADP reported earlier in its nonfarm payrolls report showed that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 200,000 and the highest since
Meanwhile, silver for September delivery was up 0.62% at $21.248 a troy ounce, while copper futures for September delivery were up 1.79% at $3.261 a pound.
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