Gold was trading higher in New York early Friday as investors and traders pondered the $447 billion “American Jobs Act” outlined by President Barack Obama on Thursday evening, as well as comments from Federal Reserve Chairman Bernanke to the Economic Club of Minnesota.

Spot gold was trading at $1,852.10 Bid, $1,853.10 Ask around 10 a.m., hitting a high of $1,860.90 and a low of $1,829.70 in early-morning trading. The London p.m. fix price was set at $1,851 per ounce. Set at $41.40 in the London a.m., spot silver was up more than 40 cents on the day thus far. Spot silver was trading at $41.81 Bid, $41.91 Ask, according to Kitco market data.

Addressing a joint session of Congress on Thursday evening, Obama proposed a plan to jump-start job creation in the U.S. The plan proposes extending payroll tax cuts, a tax credit for businesses hiring the long-term unemployed, federal money to keep laid-off teachers and emergency response workers on the job, spending to renovate schools and infrastructure, and a tax credit for hiring unemployed veterans. The additional federal spending reportedly would be paid for in its entirety by closing corporate tax loopholes and raising taxes on the very wealthy.

In his speech in Minneapolis, Bernanke said consumers and households were bearing the worst of the “frustratingly slow” economic recovery and cautioned that state and local government spending cuts and layoffs could slow the economy as federal stimulus runs out. Bernanke made no mention of any new Fed actions to support the economy.

Turning to exchange trading, gold and silver trusts were moving lower.

• The SPDR Gold Trust (NYSE:GLD) was down around 1.3%.
• The iShares Gold Trust (NYSE:IAU) was about 1.4% lower.
• The iShares Silver Trust (NYSE:SLV) was off 1.5%.

Gold and silver mining ETFs were moving lower, too.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was down about 0.2%.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was around 1% lower.
• The Global X Silver Miners ETF (NYSE:SIL) was almost 0.6% lower.

Shares of gold miners were mixed, with most showing relatively small gains and losses.

• Agnico Eagle Mines (USA) (NYSE:AEM) was down between 0.4% and 0.5%.
• Barrick Gold Corp. (NYSE:ABX) was between 0.2% and 0.3% lower.
• Goldcorp (NYSE:GG) was trading about 0.1% to 0.2% higher.
• Newmont Mining Corp. (NYSE:NEM) was up between 0.4% and 0.5%.
• NovaGold Resources (USA) (AMEX:NG) was flat on the day thus far.

Silver mining shares were broadly lower early Friday.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was down around 0.5%.
• Hecla Mining (NYSE:HL) was about 0.6% lower.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down 0.4%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was around 1.3% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was trading flat on the day.

The author does not hold positions in any of the above-mentioned investments.