Gold is currently at $1,191.10 (-0.63%) staying near a 7-1/2-month high on strong safe-haven demand. Falling stocks and concerns about health of the global economy support the precious metal.

Federal Reserve Chairwoman Janet Yellen will speak to the U.S. Congress later today. Her comments are likely to support bullion as she is expected to defend December rate hike and say that further rate hikes are coming, although at a slower pace. The non-interest-paying metal would benefit from prospects of slower rate increases.