Gold Futures Rose on Weakened Dollar

Gold futures closed higher Wednesday, strengthened by the falling dollar after Federal Reserve Chairman Ben Bernanke signaled that the end of the rate-hiking cycle may be closer than many expected.

Gold for August delivery ended up $13.30 at $642.80 an ounce on the New York Mercantile Exchange, pulling back up from an overnight low of $618.90.

"Gold bullion and equities took off at drag-race speeds, immediately after Mr. Bernanke confirmed that he sees plenty of signs of a slowing U.S. economy," said Jon Nadler, analyst at Kitco.com. "Once again, gold can refocus on the geopolitical drivers that have lent it support in past weeks."
Other metals prices also posted gains. Silver added 60 cents at $11.125 an ounce. Copper edged up 1.9 cents at $3.5935 a pound, platinum rose $2.90 at $1,237.50 an ounce and palladium added $3.80 at $318.0 an ounce.