Gold rises

Bengaluru

Gold prices edged further away from a 4-month low on Wednesday, as investors awaited testimony from U.S. Federal Reserve Chair Janet Yellen and central bank officials expressed caution about further interest rate hikes.

Spot gold rose 0.1 percent to $1,218.60 per ounce at 0046 GMT, adding to a 0.3 percent gain in the previous session, its biggest rise since June 23. U.S. gold futures for August delivery rose 0.3 percent to $1,218.30 per ounce.

Ahead of Federal Reserve Chair Janet Yellen´s testimony to Congress on the state of the U.S. economy, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases.

Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday he finds it hard to believe that the U.S. economy is in danger of overheating when wage growth is so low.