The increase in gold prices was set off after Ben Bernanke, the Fed chairman, informed a US congressional panel that there was room for the Fed to release further monetary stimulus to help the US economy. Investors are currently waiting for the annual conference on Friday where a speech will be delivered by Bernanke.
Last week saw gold prices increase by 3.5 percent, the biggest since the later part of January. Gold prices are still expected to increase after it surpassed the upper limits of the trading range in the last four months. Spot gold prices reached $1,676.45 per ounce before it went down to 1,665.20.
Gold prices
But gold futures set for delivery in December closed at $1,675.60 per ounce. Data has indicated that the volume of trading was around 60 percent lower than the 250-day average since a bank holiday in the UK saw the market closed on Monday while a good number of trading desks in the US had minimal staff as the last week of summer vacation in the US started.
Spot silver prices went down to $30.72 per ounce even as it reached its highest level in four months at $31.26.
Investors in the precious metal are expected to be carefully watching the developments during the upcoming conference in Jackson Hole, Wyoming. The event was used by Bernanke in the past to announce monetary easing by the Fed.
A third round of quantitative easing is expected by many following the sluggish recovery of the US economy. But some analysts have doubts that Bernanke will make clarifications on the plans of the Feds for its September meeting.
Spot platinum prices have went down slightly at $1,539.99 after it increased by 5.4 percent in the previous week. The increase in platinum prices was noted following reports of violence in the biggest source of platinum in the world, South Africa.
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