{"id":45845,"date":"2013-07-11T14:09:00","date_gmt":"2013-07-11T14:09:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-rally-after-bernankes-dovish-comments-silver-prices-also-rally\/45843\/"},"modified":"2024-08-25T18:09:10","modified_gmt":"2024-08-25T18:09:10","slug":"gold-prices-rally-after-bernankes-dovish-comments-silver-prices-also-rally","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-rally-after-bernankes-dovish-comments-silver-prices-also-rally\/45845\/","title":{"rendered":"Gold Prices Rally after Bernanke\u2019s Dovish Comments; Silver Prices Also Rally"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> rose sharply on Thursday to settle at a near three-week high level as a broadly weaker U.S. dollar, as result of very dovish comments from the <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> also rallied in trading on Thursday.<\/p>\n<p><span id=\"more-45845\"><\/span><\/p>\n<p>U.S. gold futures for August delivery jumped $32.50 ounce or 2.6% to settle at $1,279.90 while spot gold was last up 1.52% to $1,282.81 an ounce.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> futures were last up 4.20% to $19.97 an ounce.<\/p>\n<p>On Wednesday, Bernanke, while addressing a group of senior economists at the National Bureau of Economic Research said that current economic environment, especially the fragile U.S. labor market, warranted the continuation of the quantitative easing for a foreseeable future.<\/p>\n<p>The remarks made by Bernanke took market participants by surprise. Earlier in June, Bernanke laid out a pullback strategy for the $85 billion monthly bond purchase program, citing that the U.S. macroeconomic environment was improving significantly. Since then the metal tumbled about 10% as investors sold inflation-hedge bets in hordes\u00a0 even as the U.S dollar and yields on treasuries soared.<\/p>\n<p>&#8220;I think that a degree of caution by the Fed is now likely to replace the rather optimistic picture that was implied in May and June, as the economic recovery is not quite clear cut as previously thought,&#8221; said Jonathan Butler, an analyst at Mitsubishi, according to Reuters.<\/p>\n<p>A data provided by Reuters showed that holdings of the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), the world\u2019s largest gold-backed exchange traded fund, fell another 0.1% to 30.192 million ounces on Wednesday, a lowest level recorded since February 2009.<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-rally-after-bernankes-dovish-comments-silver-prices-also-rally\/45845\" data-title=\"Gold Prices Rally after Bernanke\u2019s Dovish Comments; Silver Prices Also Rally\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130714235031js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/yelp-shares-rally-after-needham-co-s-upgrade-yelp\/45887\"><br \/>\nYelp Shares Rally After Needham &#038; Co.\u2019s Upgrade (YELP)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/webmd-provides-upbeat-q2-and-fy-revenue-outlook-wbmd\/45886\"><br \/>\nWebMD Provides Upbeat Q2 and FY Revenue Outlook (WBMD)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-post-gains-for-the-week-2\/45881\"><br \/>\nStocks End Higher; Post Gains for the Week<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-marginally-lower-silver-prices-also-slip-2\/45879\"><br \/>\nGold Prices Settle Marginally Lower; Silver Prices also Slip<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-almost-flat\/45876\"><br \/>\nStocks Almost Flat<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-slightly-higher-in-early-trading\/45871\"><br \/>\nStocks Slightly Higher in Early Trading<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-bounces-back-but-the-dollar-index-is-down-for-the-week\/45866\"><br \/>\nForex Market Update: Dollar Bounces Back But the Dollar Index is Down For the week<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130714235031im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices rose sharply on Thursday to settle at a near three-week high level as a broadly weaker U.S. dollar, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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