Gold Rises for Second Straight Week on Stimulus Outlook
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Gold futures rose, capping the second straight weekly gain, as Federal Reserve Chairman Ben S. Bernanke signaled that the pace of U.S. monetary stimulus probably will be maintained.
Bernanke told the Senate Banking Committee yesterday that it was “way too early to make any judgment” on whether debt purchases will be scaled back in September. Gold soared 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of bonds in two rounds of so-called quantitative easing. The metal climbed 1.3 percent this week.