Gold Reaches Record High as Bernanke Downplays Inflation Pressures, Adheres to QE

Gold surged to a record high of 1435.6 before settling at 1431.2 as Fed Chairman Ben Bernanke said inflationary pressures caused by surges in oil and other commodity prices are only temporary and will not cause a permanent increase in broader inflation. The Chairman also signaled no intention to unwind quantitative easing measures. Unrest in the MENA region escalated and threatened to spread to oil-rich Saudi Arabia and Iran.

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Gold Reaches Record High as Bernanke Downplays Inflation Pressures, Adheres to QE