Gold futures were trading no more than one percent off the November 9 record price of $1,424.30. Futures for silver, which has increased 77 percent this year, increased 2.4 percent to $29.975 per troy ounce.
"There is some substitution impact on silver as investors also see the metal as a store of value, just like gold," Ben Westmore, an analyst at National Australia Bank Ltd., told Bloomberg.
Bernanke did not rule out follow-up activity to last month's $600 billion asset purchase when the Fed holds its final 2010 meeting on December 14. Calling the possibility "certainly possible" on an interview with 60 Minutes televised Sunday even, he said one criteria is noting the status of the economy. He also said he intends to target the unemployment rate, which increased in November to 9.8 percent after hovering at 9.6 percent during August, September and October.
"Given that further debasing of fiat currencies is back on the agenda, it seems likely the precious metals, particularly gold and silver, are poised for fresh gains," according to a report by James Moore, an analyst at TheBullionDesk.com in London.
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