Gold rises after Bernanke promises action

Gold rises after Bernanke promises action

Gold rises after Bernanke promises action

Print
Email
|

Associated Press

Posted on September 1, 2012 at 9:00 AM

Updated Saturday, Sep 1 at 1:46 PM

Gold and other precious metals are closing higher, after Federal Reserve Chairman Ben Bernanke promised to take more action to try to prop up the economy.

Any action the Fed might take could cause inflation. Many investors view gold as a way to protect themselves from inflation.

Gold, palladium and platinum are up about 2 percent, and silver is up more than 3 percent.

Prices for wheat, corn and soybeans are down, after rising earlier in the week because investors worried about what Hurricane Isaac would do to crops.

Prices for oil and other energy commodities are also up. If the Fed does succeed in stimulating the economy, it could boost demand for the fuel needed to power construction, manufacturing and other businesses.

Print
Email
|