Gold Jumps on Yellen Testimony

by Christopher Freeburn | November 14, 2013 4:30 pm

Gold Silver GLD IAU SLV[1]Remarks by Janet Yellen, President Barack Obama’s nominee to succeed Ben Bernanke as chairman of the Federal Reserve, buoyed investor optimism that the Fed would not begin an early tapering of its monthly bond-buying, sending gold futures up sharply in Thursday trading.

The metal closed higher for the first time in six sessions.

In testimony at a Senate confirmation hearing, Yellen noted that the U.S. economy was performing “far short” of the growth the Fed wants to see, even though it had improved in recent months. Investors interpreted her comments to mean that the Fed will continue to back stimulus in the near-term.

Gold futures for December delivery gained 1.4% to $1,286.30 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,293.80 and as low as $1,277.30. Bullion closed in London at $1,285, according to BullionVault[3].

Silver futures for December also rose 1.4% to $20.72 per ounce. Thursday’s high for silver was $20.89, while the low was $20.57.

Metal funds climbed in Thursday trading.

Mining ETFs moved higher during the day.

Gold stocks advanced on Thursday.

Silver mining shares improved during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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