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Tuesday, July 17, 2012

Gold, silver prices Ahead Fed Bernanke Testimony july 17 2012

Gold, silver prices Ahead Fed Bernanke Testimony july 17 2012 : Gold prices edged higher in early trading today even as investors await a statement from Federal Reserve Chairman Ben Bernanke. The Fed Chairman will testify before Congress later today. Silver prices, meanwhile, have also edged higher in early trading today.

Investors are hoping that Bernanke will hint at further monetary easing from the Federal Reserve during his testimony. Recent economic data, including Monday’s weaker than expected retail sales report for the month of June, suggest that the growth has stalled.

Further monetary easing from the Fed would be a positive for gold. However, gold prices could see a sharp drop if Bernanke does not hint at more easing.

Daniel Brebner, analyst at Deutsche Bank, told Reuters that as the U.S. data continues to deteriorate, the market is starting to anticipate some kind of action, or at last rhetoric, from the Fed to support growth. Brebner said that he thinks Bernanke will not explicitly discuss his options. Brebner added that he is not sure Bernanke is going to give the market what it wants.

Spot gold prices are currently trading 0.4% higher at $1,595.19 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading $3.60 higher at $1,595.20 an ounce.

Silver prices have also edged higher in trading today. At last check, spot silver was up 0.18% to $27.34 an ounce.

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