Gold halts its rise amid global recovery concerns
Gold halted its four-day rally on Wednesday trading amid worries surrounding global recovery.
The shiny metal benefited from Bernanke's comments which referred that the world's no.1 economy is still far from having fully recovered from the financial crisis and thereby may need further stimulus.
The Fed's Chairman announcement came after a report last week showed that non-farm payrolls increased 120,000 in March, after rising 240,000, revised from 227,000, in February, below forecasts of 205,000.
Eyes will track announcements from U.S. officials this week to see how serious they are in terms of adding to stimulus.
The dollar slipped against a basket of major currencies as the dollar index is currently hovering near 79.65 compared with the day's opening of 79.83.
However, global growth concerns may push gold prices down as investors will favor the yen and dollar as safe haven assets after the shiny metal had lost its refuge characteristic since the end of last year on the back of the European debt crisis.
Worries heightened after Spanish bond yields rose on Tuesday to levels close to those which forced Greece, Portugal and Ireland to ask for international bailouts.
Spain's banks may need more capital if the euro area's fourth-largest economy showed economic degradation, especially as the announced sharp austerity by the government is predicted to shave growth prospects, Central Bank Governor Miguel Angel Fernandez Ordonez said on Tuesday.
Precious gold slipped from one-week high to trade around $1657.20 an ounce where it touched a low of $1653.38 while the day's high was recorded at $1660.87.
Gold prices rose at the beginning of the week as Indian's jewelers closed whom their shops for three weeks to protest on a new tax, called off their strike on Saturday.
Crude oil for May's delivery is currently showing a rise after two days of drop to trade around $101.47 a barrel after opening today's trades at $100.87.