Soft Dollar Boosts Gold to $1,290.31

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.