Gold and Silver Rebound After Ben Bernanke Reassures Investors

GOLD

On Thursday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, jumped $32.50 to close at $1,279.90 per ounce, while silver (NYSEARCA:SLV) futures for September gained 80 cents to finish at $19.96.

Precious metals and stocks both received a strong amount of support as Federal Reserve Chairman Ben Bernanke reiterated late Wednesday that the central bank will keep quantitative easing going for quite some time.

At a conference sponsored by the National Bureau of Economic Research, Bernanke said, “I think you can only conclude that a highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy.” He also reminded the market that there will “not be an automatic increase in interest rate when unemployment hits 6.5 percent.”