Editor's note: Catch the Latest Happening with Kitco Video News!

Update: Comex Gold Backs Down as Bernanke Holds Off on Fresh U.S. Monetary Stimulus Package

Friday August 31, 2012 10:12 AM

Comex gold futures prices have backed down from their early, modest gains at late-morning Friday, and are presently trading weaker and near the daily low, following the much-anticipated remarks by Federal Reserve Chairman Ben Bernanke. The Fed chief's prepared text at his Jackson Hole, Wyoming speech did not specifically say fresh, unconventional U.S. monetary policy stimulus will be implemented, but did lay the groundwork for such in the near future.

Indeed, he left the door open for a fresh quantitative easing initiative unveiled at the September FOMC meeting, or at some point  in the not-too-distant future. The market place will continue to digest Bernanke's remarks, but many U.S. and Canadian traders are headed for the exit doors early today, ahead of a three-day holiday weekend. December gold last traded down $4.80 an ounce at $1,652.20.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Click to see this Precious Metal chart
  1. 24h
  2. 30D
  3. 60D
  4. 6M
  5. 1Y

Interactive Chart