Gold (GLD) Higher as Bernanke Defends Monetary Policy

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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