Gold, silver futures surge as Bernanke comments ease taper fears
Investing.com - Gold futures rallied on Thursday to trade near a three-week high, after comments by Federal Reserve Chairman Ben Bernanke helped ease concerns over the possibility the central bank will begin to taper its bond-buying program before the end of the year.
Prices found further support after data showed that the number of people who filed for unemployment assistance in the U.S. rose to the highest level in two months last week.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending July 6 rose by 16,000 to a seasonally adjusted 360,000, compared to expectations for a drop of 4,000 to 340,000.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,282.25 a troy ounce during U.S. morning hours, up 2.7% on the day.
Comex gold prices rose by as much as 3.8% earlier in the session to hit a daily high of USD1,297.05 a troy ounce, the strongest level since June 24.
Gold futures were likely to find support at USD1,207.25 a troy ounce, the low from July 5 and resistance at USD1,347.45, the high from June 20.
At an appearance in Boston late Wednesday, Fed Chief Bernanke said that “highly accommodative” monetary policy will be needed for the “foreseeable future,” citing low levels of inflation and the high unemployment rate. ...