Price edged higher from $1295.02 to $1296.76...>

GOLD: Price edged higher from $1295.02 to $1296.76 in early Europe as the dollar

slipped. The yellow metal soon pared much of the gains made in Asia and Europe

as it fell from $1296.76 to $1293.72. This was on the back of firmer US Tsys

yields and a stronger dollar. As markets in NY get ready to open bullion is

almost unchanged from yesterday's close.

- Price dropped sharply from $1294.70 to $1290.30 to fresh intra-day lows, on

the back of comments from Fed Chair Janet Yellen that gradual rate increases are

appropriate.

- Following further pressure on the yellow metal, as traders have gotten

themselves caught long following hawkish comments from Yellen. The price dropped

to session lows of $1285.79, there was some minor recovery towards $1288.00.

However one trader commented that it is still trading heavy.

- Continued pressure on the precious metal, as Nasdaq announces plan to launch

Bitcoin futures, this combined with US Tsys yields rising on the back of strong

US Pending US Home Sales. The price dropped to session lows of $1282.12. The

gold had very little recovery as the NY session came to a close.