Gold prices fell on Wednesday after yesterday’s rise for more than 1% after the testimony of Ben Bernanke, chairman of the U.S. central bank before the U.S. Congress that on Wednesday he will continue it.
Gold price rose on Tuesday to its highest value in three months ago today after Bernanke said that the Federal Open Market Committee would continue the program of quantitative easing to increase the cash and would continue to buy bonds worth by $ 85 billion a month this year. And prompted some investors to buy gold in reserve to cope with inflation. But with increasing signs of recovery in the U.S. economy, capital will go for riskier assets.
And said French bank Natixis analyst that the drop in the price of gold has been very fast over the past ten days to the level of $ 1554 USD/Ounce, so it was not difficult to return prices to the level of $ 1,600 USD/Ounce of gold yesterday. gold prices slightly lower today than average, but we see that these are the levels of support to gold prices, after assuring Bernanke Testimony.