Gold Rises, Shrinking Weekly Loss as Bernanke Offers No Fed Plan
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Gold rose in New York for a second straight day after Federal Reserve Chairman Ben S. Bernanke offered no plan to provide further stimulus for the economy.
While Bernanke said the central bank has the tools to spur growth, he refrained from outlining a plan for a third round of so-called quantitative easing. The Fed pledged on Aug. 9 to keep the benchmark interest rate between zero percent and 0.25 percent through at least 2013 to help stimulate the economy. The next policy meeting is Sept. 20. Gold futures slumped as much as 11 percent in the three days through yesterday, after touching a record $1,917.90 an ounce on Aug. 23.