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Gold is now trading at $1275, up 0.5%, as any dealers who were short the precious metal over the past few weeks are now closing out their positions. Their intention is to lock in profits ahead of Janet Yellen’s statement tomorrow, in which she is due to outline her views on monetary policy in front of the Senate Banking Committee. Ben Bernanke of the Federal Reserve will step down as chairman at the end of January and Ms Yellen will take over. Ms Yellen is known for her dovish views, and traders will be looking for any clues as to what she will do in the New Year.
Gold crashed through the $1300 mark last week when the non-farm payrolls report from the US came in well above the market consensus. Traders sold gold as they felt an improving jobs market would encourage the Fed to begin tapering its stimulus package sooner than initially thought. However, some dealers remain sceptical of the non-farm payrolls report, due to the shutdown in October. If the figure is revised lower, we could see gold edge higher.