Gold bounces back above $1,600 an ounce

Gold climbs back above $1,600 an ounce as Fed chairman defends effort to support economy

Associated Press

Gold is trading back above $1,600 after the chairman of the Federal Reserve defended the the central bank's efforts to help the economy.

Gold for April delivery rose $28.90 in Tuesday trading to settle at $1,615.50 an ounce. The price of gold dropped below $1,600 last Wednesday on speculation the Fed could end its bond-buying program sooner than planned.

In testimony before Congress, Ben Bernanke gave no hint that the Fed might shift away from its current program.

Trading in other metals was mixed. Silver for May delivery rose 27.3 cents to $29.32 an ounce, and copper for March rose 2 cents to $3.583 per pound.

Prices for the platinum metals group sank. Crop prices were also mixed. Wheat and corn rose while soybeans sank.

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