Bernanke Comments Spear Gold Bulls (GLD)
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Bernanke's testimony to Congress has gold traders trimming their bets, as near-term prospects for QE3 seem reduced and may depend on developments in Europe.
The spot price of gold is down $40 since Bernanke’s testimony began, breaking below 1600/oz and paring gains made since weak jobs data was reported last week. SPDR Gold Shares (NYSE: GLD), the ETF that tracks the spot rate of gold, is down 2 percent so far today.
The spot price of gold is down $40 since Bernanke’s testimony began, breaking below 1600/oz and paring gains made since weak jobs data was reported last week. SPDR Gold Shares (NYSE: GLD), the ETF that tracks the spot rate of gold, is down 2 percent so far today.
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