Gold snaps three-session losing streak as dovish Yellen stings dollar

Gold futures snapped a three-session losing streak to settler higher Tuesday after Federal Reserve Chairwoman Janet Yellen stressed that the central bank will be cautious on any future interest rate hikes, quashing speculation that the Fed could raise rates as early as April.

June gold GCM6, +0.40%  advanced $15.50, or 1.3%, to settle at $1,237.50 an ounce. The SPDR Gold Trust GLD, +1.85% added 1.6%.

Yellen’s dovish tone hurt the U.S. dollar as rising interest rates bolster the U.S. currency at the expense of metals that don’t bear interest, including gold and other dollar-priced commodities.

The U.S. Dollar Index DXY, -0.25% a measure of the buck against six rivals, slid 0.8% to 95.19 Tuesday.

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