Bernanke helps gold traders

Source: Dow Jones

Bernanke tells the Senate Budget Committee that the official 8.3% US jobless rate understates the labor market’s weakness, calming gold traders who worried that recent improvements in US employment data would curb the chances of further monetary stimulus and even jeopardize the Fed’s low-interest-rate policy. “Things are weak, the Fed thinks they’re weak and they’re not changing their policy stance to hawkish any time soon,” says Bart Melek at TD Securities. Comex April gold is up 1.2% at $1,745.80/troy ounce.

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