Gold ETFs continue to rise as the precious metal touched $1,700 an ounce on Tuesday to its highest level in about six months on speculation central banks will announce more easing measures to support the global economy.

Investors are using ETFs to position for higher gold prices.

“Investors hold more gold through exchange traded funds than at any time in the past, after hefty inflows of metal into these products in August,” Reuters reports.

Last week, Fed Chairman Bernanke’s concern over the country’s unemployment level hinted at further accommodative measures, lifting gold exchange traded funds on the higher inflation outlook and pressuring the U.S. dollar assets.

SPDR Gold Shares (NYSEArca: GLD) gained over 2.1% during Friday’s session as traders hedged the greater prospects for inflation in light of Bernanke’s hint on further action. [Gold, Miner ETFs Jump After Bernanke Speech]

Meanwhile, the PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) dipped 0.6% as any policy stimulus would depreciate the value of the U.S. dollar.

“As we assess the benefits and costs of alternative policy approaches … we must not lose sight of the daunting economic challenges that confront our nation,” Bernanke stated at the Kansas City Fed’s annual Jackson Hole symposium, Reuters reports.

Specifically, Bernanke highlighted the nation’s employment numbers.

“The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years,” Bernanke added.

“Bernanke has laid the groundwork for taking future action should it be needed—whether any additional action will make a difference is an open-ended question,” Michael Sheldon, chief market strategist at RDM Financial Group, said in a CNBC report. “However, the fact the Fed remains open has probably provided a floor for markets.”

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