Gold dropped as the dollar hit its highest since end-April against the yen after U.S. Federal Reserve chief Janet Yellen said the central bank should raise interest rates.
The Fed should increase interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, Yellen said.
St. Louis Federal President Bullard said global markets appear to be "well-prepared" for a summer interest rate hike from the Fed.
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