Spot gold turned lower after Federal Reserve Chairman Ben Bernanke said on Wednesday that the Fed could ease bond purchases if the job market improves.
Spot gold turned lower after Federal Reserve Chairman Ben Bernanke said on Wednesday that the Fed could ease bond purchases if the job market improves.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Traders remain focused firmly on tomorrow's testimony from Fed Chairman Ben Bernanke. And expectations for this week's oil inventories.
Gold, down in seven of its last eight sessions extended earlier losses on Tuesday on a firm dollar, weak technical signals and speculation that the U.S. Federal Reserve might rein in its stimulus program.
CNBC's Sharon Epperson takes a look factors that contributed to the major reversal in precious metals on Monday and what sent oil prices to a 7-week high. She also discusses events in the the coming days that could impact the price action in energy and metals.
CNBC's Sharon Epperson reports heavy short covering, bargain hunting and the weaker U.S. dollar today caused a major reversal in precious metals. Silver is up over 1 percent.
Bob Parker, senior adviser at Credit Suisse, tells CNBC that it is premature to reopen long commodity positions and how he doesn't see anything that will support the gold price.
Colin Hamilton, global head of commodities at Macquarie Group, tells CNBC that gold is being driven lower by a very strong dollar and continued ETF outflows.
Gold and silver prices gained about 2 percent after a roller-coaster session that opened with a gut-wrenching dive in silver prices to their lowest in 2-1/2 years before an abrupt midday turnaround.
Dhiren Sarin, Chief Technical Strategist, Asia Pacific at Barclays says Japan is only recently catching up to the easing monetary policies of the West so it is feasible to expect the Nikkei to reach highs of 18,000.
Bruce Kasman, Chief Economist & Managing Director of Global Research at JP Morgan says that the global environment is shifting in favor of risky assets with reduced tail risks after global central bank moves.