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Gold (GLD) Higher as Bernanke Defends Monetary Policy

February 26, 2013 11:34 AM EST Send to a Friend
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Gold is ticking higher on the session amid comments from Fed Chairman Ben Bernanke today. Bernanke is issuing the Fed's Semiannual Monetary Policy Report to the Congress. (For a full transcript, click here.)

In part, Bernanke said the Fed would continue its bond-buying programs, stating, "To this point we do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery and more-rapid job creation."

The continued policy will weigh on the U.S. dollar for the time being, making dollar-denominated gold contracts cheaper to outside investors.

Gold April contracts are up $31.7 to $1,618.3 per ounce on the Comex. Traders will be keeping an eye on the SPDR Gold Trust (NYSE: GLD) and iShares Gold Trust (NYSE: IAU). Silver is also up on the session, with the iShares Silver Trust (NYSE: SLV) above 1.1 percent positive.

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