Investing.com - Gold prices rose in U.S. trading Friday, erasing earlier losses sustained after Federal Reserve Chairman Ben Bernanke offered little guidance as to whether the U.S. central bank was planning to jolt the economy via monetary stimulus.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.34% at USD1,593.45 a troy ounce.
Gold hit at a low of USD1,559.35 a troy ounce and a high of USD1,594.55 a troy ounce during the session.
Gold futures were likely to test support at USD1,546.35 a troy ounce, the low of June 1, and resistance at USD1,630.35, the high from June 7.
Federal Reserve Chairman Ben Bernanke appeared before Congress on Thursday to discuss the health of the U.S. economy and whether or not quantitative easing measures would be needed to spur recovery.
"The Federal Reserve remains prepared to take action as needed to protect the U.S. economy in the event that financial stresses escalate," Bernanke told the Joint Economic Committee, which gave investors little guidance.
Under quantitative easing, the Fed buys bonds from banks, pumping them full of liquidity in a manner than pushes long-term interest rates down low to encourage investment and hiring.
Under such a scenario, the dollar weakens and gold rises, and Bernanke's initial comments sent gold falling, as hopes were building the Fed would move, though the metal gained by mid-session trading on Friday.
The Federal Reserve will hold a monetary policy meeting on June 19-20, where more guidance could emerge.
Talk that Spain will need financial assistance bolstered the yellow metal, which serves as a hedge to traditional paper currencies, notably the dollar but at times to the euro as well.
Elsewhere on the Comex, silver for July delivery was down 0.21% and trading at USD28.470 a troy ounce, while copper for July delivery was down 2.27% and trading at USD3.294 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded up 0.34% at USD1,593.45 a troy ounce.
Gold hit at a low of USD1,559.35 a troy ounce and a high of USD1,594.55 a troy ounce during the session.
Gold futures were likely to test support at USD1,546.35 a troy ounce, the low of June 1, and resistance at USD1,630.35, the high from June 7.
Federal Reserve Chairman Ben Bernanke appeared before Congress on Thursday to discuss the health of the U.S. economy and whether or not quantitative easing measures would be needed to spur recovery.
"The Federal Reserve remains prepared to take action as needed to protect the U.S. economy in the event that financial stresses escalate," Bernanke told the Joint Economic Committee, which gave investors little guidance.
Under quantitative easing, the Fed buys bonds from banks, pumping them full of liquidity in a manner than pushes long-term interest rates down low to encourage investment and hiring.
Under such a scenario, the dollar weakens and gold rises, and Bernanke's initial comments sent gold falling, as hopes were building the Fed would move, though the metal gained by mid-session trading on Friday.
The Federal Reserve will hold a monetary policy meeting on June 19-20, where more guidance could emerge.
Talk that Spain will need financial assistance bolstered the yellow metal, which serves as a hedge to traditional paper currencies, notably the dollar but at times to the euro as well.
Elsewhere on the Comex, silver for July delivery was down 0.21% and trading at USD28.470 a troy ounce, while copper for July delivery was down 2.27% and trading at USD3.294 a pound.