RTTNews - Gold gained on Wednesday and posted its best finish in almost six weeks. The metal gained on inflation concerns with global stocks showing improvement.
August gold climbed to $953.30, up $6.40 on the session. Prices reached as high as $955 earlier in the day.
The dollar moved slightly lower against the euro amid chopping trading, crossing below the key 1.4200 mark. The greenback also say modest weakness against the pound. Gold usually moves opposite the dollar because of its hedge appeal.
Meanwhile, Federal Reserve Chairman Ben Bernanke redelivered his address regarding monetary policy before the Senate Banking Committee while also fielding questions regarding the current and near-term economic outlook.
In his prepared remarks, Bernanke reiterated that the U.S. economy is showing signs of stabilization, although he noted that the economy is still in a fragile state, with unemployment high and consumer spending shaky.
Gold finished yesterday's choppy session 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. Prices had gained $11.30 Monday, adding to the rise of nearly $25 last week.
The economic calendar picks up tomorrow. initial jobless claims data is expected at 8:30 a.m. ET. First-time claims are expected to be up to 558,000 last week, compared to 522,000 in the prior week.
Existing home sales data is scheduled at 10 a.m. ET. Sales of 4.83 million are expected for June, compared to 4.77 in May.
At 8:30 a.m. ET, Federal Reserve Gov. Daniel Tarullo will testify on regulatory restructuring before the Senate Banking Committee in Washington, as will FDIC Chair Sheila Bair and SEC Chair Mary Schapiro.
Earnings remain in focus as well, with McDonald's (MCD) and Microsoft (MSFT) leading tomorrow's reporting companies.
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