Gold exchange traded funds were higher Friday in the wake of an eagerly anticipated speech from Federal Reserve Chairman Ben Bernanke.
Gold prices briefly jumped to $1,800 an ounce before pulling back.
ETFs were volatile Friday after Bernanke didn’t announce any additional immediate support for financial markets. [Bernanke Speaks]
“All focus turns to Bernanke’s comments out of Jackson Hole. Technically speaking, the $210 pullback from the record high earlier this week was a much needed shakeout to restore some semblance of sanity to the market,” a bullion trader told FastMarkets.
SPDR Gold Shares (NYSEAarca: GLD), the largest gold ETF, was up fractionally.
The gold fund is up 24.3% year to date, according to Morningstar.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD.
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