Gold price breaks higher on Yellen remarks

Yellen, a noted monetary policy dove and considered an architect of the US Federal Reserve's quantitative easing program, in a prepared statement said "supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."

The Fed's is looking for signs of a solid recovery in the US economy as it prepares to start winding down its QE program running at $85 billion a month and set to reach $4 trillion by the end of the year.

But Yellen's statement seems to indicate that the economy is not there yet.

"We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession,” Yellen said adding that the jobless rate is "still too high” and the economy is performing "far short" of its potential.

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