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Thursday, February 10, 2011

Gold comfortable with Fed outlook

The thinly traded February-delivery contract settled up $US1.40, or 0.1 per cent, at $US1364.80 per troy ounce on the Comex division of the New York Mercantile Exchange. The most actively traded contract, for April delivery, was up $US1.40, or 0.15, at $US1365.50 per troy ounce.

Gold futures kept in a tight trading range throughout the session as metal traders kept one eye on Mr Bernanke's testimony to the House Budget Committee. Dave Meger, director of trading at Vision Financial Markets, said: We spent a good part of the day on either side of the unchanged line and we continue to linger around that level.”

The Fed chairman fielded questions from members of the House on monetary policy and economic outlook, reiterating his commitment to keep benchmark interest rates near zero to stoke job creation and growth.

"We didn't see anything new come out of those comments," said Dave Meger, vice-president and head of trading at Vision Financial Markets.

Mr Bernanke also defended the Fed's $US600 billion Treasuries purchasing program, saying it may have helped create as many as 3 million jobs. The so-called quantitative easing program has been a boon to gold prices, as access to cheap funds and concern about inflation further down the road lured investors to purchase gold, which is considered a hedge against inflation.

A slight decline in the US dollar also helped gold hold on to the sharp gains made in the previous session. The greenback weakened slightly after Mr Bernanke reconfirmed his commitment to keeping interest rates low.

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