Gold futures rose in a session on Friday, to the highest price since late March, after announcing that Federal Reserve Chairman Ben Bernanke that the U.S. central bank can implement new stimulus measures to boost the U.S. economy which refresh gold too.
On the Comex division of the New York Mercantile Exchange, the futures trading of gold for October delivery at 1692 USD/troy an ounce of gold to close the trade on Friday, on the highest price since March 27.
Over the week, gold futures will rise 1.25%, the second consecutive weekly increase. In August, gold rose by 4.5%, the largest monthly gain since January.
The gold futures contract is likely to find support at 1634USD/troy per ounce, the lowest price from August 22 and the near-term resistance at 699.55, 1, Dolarellonsh, the highest price since March 27.
Gold prices rose more than 2 percent on Friday after announcing that Fed Chairman Bernanke is ready to more quantitative easing to help boost growth in the U.S. economy.
Speaking at the annual symposium at the annual symposium in Jackson Hole, Wyoming, said Fed Chairman Bernanke said the continuing high rate unemployment Ammermqlq “and stressed that the central bank is ready to provide more facilities as needed to support growth.
Official data showed on Wednesday that the U.S. economy grew at a seasonally adjusted annual rate of 1.7% in the three months to June, which is slightly higher than the initial estimate of 1.5%, but remained below the rate of 2-2.5%, which is the rate required every three months to keep the unemployment rate constant.
Bernanke played down the risks of quantitative easing and said that the program was effective in providing “support for recovery.”
After Bernanke’s speech, the euro rose against the Atarely 1.2636, the highest price since 2 July 2, before reducing the gains to close at 1.2576 at the close of trading. The dollar fell against the yen, to 78.17, its lowest price in three weeks, before settling at 78.37.
Continued demand for the euro, supported by expectations that the European Central Bank will work measures to help stabilize the markets in the euro zone before its next meeting on September 6.
And track the movements in the price of gold this year largely to expectations about whether the U.S. central bank Ssedkh more money into the financial system.
Gold rose 15% in earlier this year to record, $ 790 (an ounce) after Federal Reserve held the federal interest rate unchanged in January near zero until at least late 2014, referring to the possibility of action another round of asset purchases.
However, prices fell by 6% since late February, as the Fed failed to achieve more and easing fears of a crisis in the euro zone deepening debt, which has fueled demand for the precious metal, and the U.S. dollar. Precaution.
Bernanke’s comments raised selloff in the dollar, which boosted the appeal of the precious metal.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.6% to close at the end of the week at 81.20, the lowest price since May 15.
Market participants awaited a meeting of the European Central Bank’s policy on September 6, amid expectations that the central bank will make new measures to help stabilize the markets in the euro area.
On Thursday, borrowing costs declined in Italy in an auction of 5 and 10-year bonds, reflecting renewed optimism that European leaders are making progress in addressing the region’s debt crisis.
Gold traders watching Friday’s report closely, on non-farm payrolls in the United States, which will allow investors to gauge the strength of the labor market stalled and the need and the need to new monetary easing measures.
And gold prices rose in recent weeks, by 6% since August 15, amid hopes the decision makers in the United States, Europe and China will take new measures to ease support their economies.
Expectations of monetary incentives tend to benefit gold, and looks at the yellow metal as a safe store of value and a hedge against inflation.
Elsewhere in the Comex, silver for December delivery settled at 31.76 dollars per ounce at the close of trading on Friday, the highest price since April 20. Silver prices rose 3.25% in the week and made a big gain of 12% in August.
At the same time, the decline in copper for September delivery rose 0.65% during the week to close at $ 3.459 a pound.
Copper prices were under pressure in recent sessions amid ongoing concerns about the outlook for global economic growth.
The data showed at the weekend that the PMI in China fell for the first time in nine months in August, down to 49.2 from 50.1 in July, and new orders fell in the face of weak global demand.
Add to disappointing data to increased concerns about a deeper slowdown than expected in the largest consumer of copper in the world