The prices of precious metals increased early Tuesday as U.S. Fed chairman Ben Bernanke and his peers conduct the central bank’s final meeting of 2010 and ponder measures to jumpstart the sluggish U.S. economy.
Immediate-delivery gold surpassed $1,400 per troy ounce and was valued at $1,406.82 per ounce after 5 p.m. in Seoul. Silver rose 1.1 percent to $29.8438 per troy ounce. Palladium for immediate delivery climbed 0.6 percent to $761.75 per troy ounce and platinum for immediate delivery increased 0.8 percent to $1,713 per troy ounce.
"Investment demand for the metal is definitely there," Wallace Ng, executive director at ABN Amro Bank NV in Hong Kong, told Bloomberg.
During an interview on 60 Minutes earlier this month, Bernanke did not rule out additional quantitative easing, the Fed's efforts to stimulate an economy seeking traction and gasping for air as European nations struggle with debt-ridden banks.
"We expect a low U.S. real-interest-rate environment will continue in 2011, particularly given the resumption of quantitative-easing measures in the U.S.," according to a Monday report from Goldman Sachs Group.
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