That absence raised additional doubts on whether the Fed will go ahead with a third interest rate increase in 2017 after two earlier hikes.
"Gold prices could breach $1,300 per ounce this week should safe haven demand stay supported on Trump's threat to quit NAFTA amid North Korean tensions", Gan said.
The Fed chair refrained from remarking on the state of the economy or on the possible future course of interest rates.
In her speech, Yellen noted that the US and global financial systems were "in a risky place 10 years ago", with severe strains that led to the collapse of investment bank Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac and the requirement that taxpayers bail out the largest banks.
"The President wants to de-emphasize regulation as one of his priorities and that is not consistent with a second Yellen term", said Mark Hamrick, senior economic analyst at Bankrate, during an interview with FOX Business.
National Economic Council Director Gary Cohn told the Financial Times that starting next week Trump's agenda and calendar is going to revolve around tax reform.
Paul Ashworth, chief US economist at Capital Economics, said that "Yellen's passionate defense of the post-crisis tightening of financial regulation isn't going to go down particularly well at the White House" and that it probably makes it less likely that Trump will re-nominate her.
As for Yellen, in June, she reiterated her commitment as Fed Chair. As such the main target of her speech was not so much the financial markets but rather the White House, putting her potentially on a collision course with the U.S. president Donald Trump who has pledged to slash financial regulation and in particular the Dodd Frank banking law.
This week, Friday's U.S.jobs report for August is in focus to gauge how it will impact on the path of Fed policy.
And she staunchly defended the post-crisis regulatory reforms that she says have made banks safer.
"We have only recently witnessed the dangers of financial openness combined with insufficient regulation", Mr Draghi said, referring to the global financial crisis of 2008-09.
"Reforms have boosted the resilience of the financial system".
She said there may be benefits to simplifying the Volcker rule, which limits proprietary trading by banking firms, but quickly said that only "modest" changes were needed.
LONDON, Aug 28 (Reuters) - The euro climbed to a 2-1/2-year high close to $1.20 in thin trade on Monday, extending gains made at the end of last week after the head of the European Central Bank held back from talking down the buoyant currency.
Republicans have long opposed the 2010 Dodd-Frank law, which was enacted by Democrats in Congress with the support of President Barack Obama. This as President Donald Trump moves to slash some of those very same regulations. Quarles has been critical of certain aspects of Dodd-Frank. The legislation has not advanced in the Senate, however.