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Gold prices continued to increased again on July 16 as the dollar loses power in anticipation of Federal Reserve Chairman Ben Bernanke’s congressional testimony that is scheduled for later this week.
Anticipation of Federal Reserve Chairman Ben Bernanke’s congressional testimony later this week is weighing down the U.S. dollar and nudging gold in a positive direction. According to Reuters, the testimony could provide more clues about whether the central bank will curb its stimulus program later this year.
After increasing 5 percent last week, gold rose on July 16, with spot prices increasing by $9.03 to reach $1,290.31 an ounce. Gold futures for August delivery also climbed, reaching $1,298.90 an ounce. This marks a jump of $5.70.
