Gold eyes second straight gain ahead of Yellen speech

24-Sep (MarketWatch) — Gold futures were picking up modest gains Thursday as global stocks turned lower and as the market awaited comments from Federal Reserve Chairwoman Janet Yellen, who is slated to speak Thursday afternoon.

December gold picked up $5.50, or 0.5% to $1,137 an ounce, after snapping a two-day losing streak Wednesday, while December silver lost 2 cents, or 0.1%, to trade at $14.77 an ounce.

Platinum prices, which have been hammered by the Volkswagen scandal, were tipping higher but still hovering around six-year lows. The German car maker’s woes with diesel-powered cars have hit the precious metal used in catalytic converters.

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PG View: Gold is being lifted on a safe-haven bid, as mounting growth and disinflation risks weigh on global shares and foster a ‘risk-off’ environment.