Gold struggles to end tad higher as investors await Bernanke testimony
- Source: Xinhua
- [08:27 July 22 2010]
- Comments
Gold futures on the COMEX Division of the New York Mercantile Exchange ended flat on Wednesday, as investors remained nervous and stepped aside ahead of US Federal Reserve Chairman Ben Bernanke's testimony to Congress. Silver and platinum both advanced.
The most active gold contract for August delivery rose 10 cents, to finish at $1,191.8.
Gold showed some strength during earlier session, as recent strong corporate results lifted investors' anticipation that a global economic recovery will bolster demand for raw materials.
Trader noted that gold gained some support as investors remained nervous ahead of Bernanke's comments on the US economy and monetary policy. And the rally in US equity markets also lifted gold price.
Gold eased after Bernanke gave his semi-annual testimony to Congress, saying that concern about the European problems has dwindled somewhat recently. Gold surged to its record in June on the lingering concerns that eurozone debt problems would slow down global economic recovery, but declined as much as 5.9 percent from a record $1,266.50 on June 21, as fears over European economy abated.
September silver rose 11.0 cents, or 0.6 percent, to settle at $17.803 per ounce, October platinum was up $12.0, or 0.8 percent, to settle at $1,529.8 per ounce.
