Gold Turns Lower, Oil Trims Advance After Bernanke
Gold futures turned lower, and oil futures pared gains Friday as U.S. Federal Reserve Chairman Ben Bernanke disappointed markets vowing to promote growth “as needed” but without providing any concrete steps towards more stimulus. Gold for December delivery declined $3.10, or 0.2%, to $1,653 an ounce on the Comex division of the New York Mercantile Exchange. Gold had traded at $1,659.10 moments before the speech was released. Crude for October delivery pared gains, recently up 38 cents, or 0.4%, to $95.04 a barrrel on Nymex. It traded at $95.92 before the speech.