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Gold rises to two-week high


08:36, July 12, 2013

CHICAGO, July 11 (Xinhua) -- Gold futures rallied sharply to a two-week high Thursday, as U.S. dollar weakened after Federal Reserve Chairman Ben Bernanke signaled that interest rates will remain low.

The most active gold contract for August delivery on the COMEX division of the New York Mercantile Exchange rose 32.5 U.S. dollars, or 2.61 percent, to settle at 1,279.9 dollars per ounce.

Bernanke said late Wednesday that "a highly accommodative policy is needed for the foreseeable future," an indication of continuing Fed stimulus, which has kept interest rates near zero.

The Fed's message hit the U.S. dollar as it remained sharply lower versus its major rivals. A weaker greenback benefits dollar- denominated commodities, such as gold, as it makes them less expensive for holders of other currencies.

Some analysts believe, gold will be looking for an attempt on 1, 300 U.S. dollars an ounce.

Moreover, minutes of a Federal Reserve policy meeting released Wednesday showed that many Fed officials wanted to see more signs of improving employment before backing a cut in its monthly bond buying program.

Statistics released by U.S. Labor Department showed, in the week to July 6, the number of Americans filing for unemployment benefits unexpectedly jumped 16,000 to a seasonally-adjusted 360, 000, the highest level in two months.

This boosted the view that tapering is currently a distant dream, market analysts say.

Against this background, silver for September delivery jumped 79.1 cents, or 4.13 percent, to close at 19.956 dollars per ounce.

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