PRECIOUS-Gold edges back after fall on Bernanke comment
Thu Mar 1, 2012 12:45am GMT
SINGAPORE, March 1 (Reuters) - Spot gold gained more than half a percent on
Thursday, pulling back from a fall of 5 percent in the previous session after
U.S. Federal Reserve Chairman Bernanke failed to signal further bond buying, dashing
hopes of more monetary easing.
FUNDAMENTALS
* Spot gold rose 0.6 percent to $1,705.19 an ounce by 0020 GMT, after posting its biggest one-day drop in more than three years.
Gold will remain attractive as long as real interest rates stay low, analysts
have said.
In contrast to a selling frenzy in spot and futures markets, the SPDR Gold Trust,
the world's biggest gold-backed exchange-traded fund, gained 0.7 percent on the day
to 1,293.676 tonnes, its highest in two and a half months.
