2016.09.2822:55:00UTC+00Gold Declines on Stronger Dollar as Investors Focus on Yellen Statement

Gold prices declined for the second consecutive day and has reached a one-week low, pressured by the firm U.S. dollar while investors determine Federal Reserve Chairwoman Janet Yellen's statements before a congressional committee. Yellen defended the regulatory role of the central bank and has considered changing the annual stress test it delivers to U.S. banks to determine whether they are able to withstand a massive financial crisis.

Spot gold declined by 0.4 percent at $1,322.22 per ounce. U.S. gold futures settled down by 0.5 percent at $1,323.70. Gold prices reduced losses as OPEC has agreed to cut its oil output which has caused oil prices to increase by nearly six percent. Palladium increased by 2.1 percent at $712.55 per ounce. Spot silver was down by 0.1 percent at $19.12 per ounce. The metal dropped by 1.4 percent during the previous session, its largest one-day decline in almost three weeks. Platinum rose by 0.3 percent at $1,025.25.