Posted by: youngragingbull | February 26, 2013

Gold back above $1,600

Gold is trading back above $1,600 an ounce after the chairman of the Federal Reserve defended the central bank’s efforts to help the economy.

Gold for April delivery rose $28.90 in Tuesday trading to settle at $1,615.50 an ounce. The price of gold dropped below $1,600 last Wednesday on speculation the Fed could end its bond-buying program sooner than planned.

In testimony before Congress, Ben Bernanke gave no hint that the Fed might shift away from its current program. Bernanke acknowledged the risks of keeping rates low indefinitely, but expressed confidence that such risks pose little danger now.

Trading in other metals was mixed. Silver for May delivery rose 27.3 cents to $29.32 an ounce, and copper for May rose 2.2 cents to $3.583 per pound. Platinum for April delivery fell $4.20 to settle at $1,616.50 an ounce. Palladium for June fell $9.60 to $741.50 an ounce.

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