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Gold Nudges Higher, Yellen Admits Fed Has Communication Issue

Gold futures were hgher Tuesday, but remained in a fairly narrow trading range amid a lack of catalysts.

On a day bereft of first-tier U.S. economic data, markets paid some attention to remarks from outgoing Federal Reserve Chair Janet Yellen.

Speaking in Europe, Yellen said the Fed has been confusing markets because of constant chatter from regional Fed presidents.

"This really is one of the challenges of our system," Yellen told a European Central Bank panel in Frankfurt.

"We have a very large committee, 19 people," she said. "We've had a kind of democratization of monetary policy that began really under my predecessor."

Gold was up $3 at $1281 an ounce.

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