Gold testing price floor ahead of Yellen testimony

The spot gold price crashed through the psychologically and technically important $1,300 an ounce level on Friday after much stronger than expected payroll numbers in the US stoked fears of an early end to the US Federal Reserves stimulus program.

Friday's numbers may strengthen the Fed's hand 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.

The money printing in the US and similar action in Japan, Europe and elsewhere following the financial crisis in 2008-2009 have been a massive boost for gold.

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