Gold rises 2% as Bernanke raises easing hopes

Gold rises 2% as Bernanke raises easing hopes

Gold rises 2% as Bernanke raises easing hopes
27 AUG, 2011, 01.07AM IST, ET BUREAU
NEW YORK: Gold rose 2 percent on Friday after days of liquidation pushed bullion down from record highs this week, as the U.S. Federal Reserve chairman raised hopes that the central bank could consider further stimulus measures to fight high unemployment.
Gold fell briefly after Fed Chairman Ben Bernanke did not provide details on steps the central bank could take, but it rose as investors focused on the Fed’s pessimistic economic outlook and its intention to consider what more it could do at an extended policy meeting in September.

Analysts said gold’s long-term bull run was intact despite this week’s 3 percent pullback. Lingering fears about a European debt crisis amid new troubles facing Greece underpinned gold’s safe-haven appeal.

“Bernanke said the Fed has more tools in the chest and he will use them as necessary, so that’s supportive to the gold market. That’s why we are seeing the bulls have things under control for the moment,”
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