Gold rises to one-week high on Bernanke's comments
Gold rose for the fourth straight session on Tuesday early trading after Bernanke's announcement revived expectations of seeing further monetary easing.
Bernanke said at a conference in Stone Mountain, Georgia. the world's no.1 economy is still far from having fully recovered from the financial crisis.
Eyes will track announcements from U.S. officials this week to see how serious they are in terms of adding to stimulus.
After signs of improvement in U.S. most recent data, the jobs report released on Friday reignited worries policy makers may rethink about expanding non-standard measures as Nonfarm payrolls increased 120,000 in March, after rising 240,000, revised from 227,000, in February. Yet, the same report showed that unemployment rate in the U.S. unexpectedly fell to 8.2% from a prior of 8.3%.
On the flip side, the dollar managed to pare its earlier drop today as the dollar index is currently hovering near 79.85 compared with the day's opening of 79.78.
In the euro area, the euro remains under pressure on worries Spain may need an international rescue to jolt out of the current difficult economic situation.
Later in the day, investors will follow a French debt auction which aims to sell 7.8 billion euros of securities after the rise in Spanish bond yield last week had increasing speculations the debt crisis is not easing.
Precious gold is currently trading near one-week high around $1648.17 an ounce where it rose after touching a low of $1639.66 while the day's high was seen at $1654.68.
On the physical side, Indian's jewelers closed whom their shops for three weeks to protest on a new tax, called off their strike on Saturday.
Crude oil May's delivery is showing a drop for a second day to trade around $101.90 a barrel after opening today's trades at $102.28.