Gold Slumped as Bernanke Indicated no Signal of QE3

Gold tumbled as Fed Chairman Ben Bernanke downplayed the possibility of QE3. The benchmark Comex gold contract slumped more than $100 to a 1-month low of 1688.4 before settling at 1711.3, down -4.31%. In Asian session today, the contact rebounded to above 1720, signaling that the plunged yesterday was overextended. Besides Bernanke's testimony, another focus was ECB's allotment of 3-year LTRO. The ECB has allotted 529.5B euro of 3-year LTRO to 800 banks.

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Gold Slumped as Bernanke Indicated no Signal of QE3