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Gold rises after Bernanke tempers stimulus hopes
by hlk Fri 15 Jul 2011, 14:07
NEW YORK (AP) - Gold prices are climbing after Federal Reserve Chairman Ben Bernanke tempered hopes that a new stimulus package would be approved anytime soon.
Gold rose $3.80 Thursday to settle at $1,589.30 an ounce. That's a record in dollar terms but below its peak in the early 1980s after accounting for inflation.
Bernanke told Congress that the Fed wasn't taking immediate action to stimulate the economy. The comments came a day after he said they were looking at several measures that could aid economic growth if necessary.
Investors also are buying gold because of concerns over Europe's financial debt crisis and ongoing U.S. debt limit negotiations.
In other trading, oil and agricultural products are mostly lower. - AP
Earlier report
Gold record after Moody's warning
LONDON: Gold prices hit record highs for a second day yesterday after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets.
Spot gold touched a record US$1,594.16, and was up 0.6% at US$1,590.66 an ounce at 1120 GMT. US gold futures for August delivery were up US$5.60 an ounce at US$1,591.30. Reuters
The precious metal has risen more than 6% so far this month and is on track for its ninth straight daily rise, its longest run of gains since October 2006. - Reuters
Gold rose $3.80 Thursday to settle at $1,589.30 an ounce. That's a record in dollar terms but below its peak in the early 1980s after accounting for inflation.
Bernanke told Congress that the Fed wasn't taking immediate action to stimulate the economy. The comments came a day after he said they were looking at several measures that could aid economic growth if necessary.
Investors also are buying gold because of concerns over Europe's financial debt crisis and ongoing U.S. debt limit negotiations.
In other trading, oil and agricultural products are mostly lower. - AP
Earlier report
Gold record after Moody's warning
LONDON: Gold prices hit record highs for a second day yesterday after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets.
Spot gold touched a record US$1,594.16, and was up 0.6% at US$1,590.66 an ounce at 1120 GMT. US gold futures for August delivery were up US$5.60 an ounce at US$1,591.30. Reuters
The precious metal has risen more than 6% so far this month and is on track for its ninth straight daily rise, its longest run of gains since October 2006. - Reuters
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