Spot gold prices are hovering around $1,733.00/ounce at mid-day today. If that price should stick, it would mark gold’s highest close since early December.
Prices are reacting to remarks from Fed chairman Ben Bernanke that the US would continue with its accommodative monetary policy for some time. The near-zero interest rate will likely be retained until late 2014 according to Bernanke. Both policies contribute to the attractiveness of gold, not so much as a hedge against inflation, but as an investment.
The SPDR Gold Trust (NYSE: GLD) is up about 0.7% at $168.48 in a 52-week range of $127.95-$185.85.
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