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Gold Falls Before Bernanke Speaks

July 17, 2013 at 1:49 by Vladimir Vyun

Gold rallied today thanks to the decline of the dollar. The US currency was falling on speculations that the Federal Reserve will keep monetary stimulus.

Fed Chairman Ben Bernanke starts testifying today. His previous comments shook markets and he may do so again this week.

Bernanke voiced opinion during his previous speech that “highly accommodative monetary policy for the foreseeable future is what’s needed”. Such view is negative for the greenback and positive for commodities. Gold certainly can go higher if the Chairman says something like this during his upcoming testimony.

December futures for gold rallied $1.2 (0.09 percent) to $1,291.60 per troy ounce as of 1:34 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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