Gold futures closed at a loss on Tuesday, recovering much of what it acquired the day before, as Treasury Secretary Janet Yellen hinted in comments that the Federal Reserve may raise interest rates to keep the economy from overheating. Yellen does not set interest rate policy at the Treasury, but she used to head the Fed. Until last week, incumbent Fed Chairman Jerome Powell “surpassed all expectations of interest rate hikes,” said Chintan Carnani, director of research at Insignia Consultants. Yellen could prepare markets for the June interest rate hike if US economic growth continues well in May, he said. June gold GCM21,
fell $ 15.80, or 0.9%, to $ 1,776 an ounce.