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Gold Prices Surge after US Fed Chairman Testimony
Finally, gold prices smashed through the key resistance level of $1300 an ounce on Monday a few days after Federal Reserve Chairman Ben Bernanke assured investors that the central bank will not be pulling back on its quantitative easing too soon and only if there was a decisive improvement in the economy and labour market. The price of the yellow metal jumped by more than 3% as a technical breakout above $1,300 an ounce triggered a rush by funds and speculators to cover their short positions. August gold closed up $40.20 an ounce at $1,333.00 an ounce and spot gold ended the day at $1,335.20 per ounce. The rally in gold prices began on the London market and continued upwards for the rest of the day.
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