RTTNews - Gold slipped off a five-week high on Tuesday as traders mulled over day one of testimony from Federal Reserve Chairman Ben Bernanke.
August gold finished at $946.90 per ounce, down $1.90 for the session. Prices had hit as high as $953.80 in the early morning before later hitting as low as $944.30.
Beginning his regular semi-annual update to Congress, Bernanke warned that the economy is still in a fragile state, with unemployment high and consumer spending shaky.
He added the Fed will likely keep interest rates low for an extended period.
The dollar recovered early losses against other majors, limiting gold's hedge value. The greenback had hit a six-week low against the euro before turning into positive territory for the day. The dollar also gained on the pound.
Prices had gained $11.30 yesterday, adding to the rise of nearly $25 last week.
Earnings will dominate tomorrow's schedule, with reports from several banking and airline giants expected in the morning and results from eBay due after the bell.
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