August 23, 2009
Gold futures on the COMEX Division of the New York Mercantile Exchange ended much higher on Friday as the Fed Reserve chairman Bernanke's comments on economy recovery sent dollar lower. Silver and platinum both closed higher.
Gold price for December delivery rose 13 U.S. dollars, or 1.3 percent, to finish at 954.70 dollars an ounce.
Bernanke, speaking at the start of a two-day gathering of bankers and academics, said the global economy is now beginning to emerge from its worst crisis and that "prospects for a return to growth in the near term appear good."
Those words pressured the greenback, which is usually an alternative asset to hedge economy turmoil, to go down. The dollar index slid to 78.10 from 78.389 on late Thursday by the end of gold floor trading time.
Buoyed by Bernanke's optimistic opinion, oil prices jumped to a new high for the year. Crude for October delivery rose 98 cents to settle at 73.89 dollars a barrel, providing some support to the precious metal.
On the economy front, the U.S. housing market continues rebounding and the pace is faster than expected. The National Association of Realtors reported that home sales jumped 7.2 percent in July, posting the largest monthly increase in at least 10 years.
December silver finished at 14.199 dollars per ounce, up 28.6 cents. October platinum rose 17.20 dollars to 1,259.20 dollars an ounce.