Gold futures slipped lower than the milestone price of $1,600 per troy ounce on Thursday after the U.S. Fed chief did not indicate monetary easing is presently planned, according to The Wall Street Journal.
While testifying on Capitol Hill, Ben Bernanke did note the institution he leads will advocate for the integrity of the U.S. economic system. But his not committing to intervention strengthened the value of the world's reserve currency, which tugged down the yellowish metal.
"Economic growth appears poised to continue at a moderate pace over coming quarters, supported in part by accommodative monetary policy," Bernanke told the Joint Economic Committee on Thursday, Bloomberg reports. "In particular, increases in household spending have been relatively well sustained."
At 2:35 p.m. on Thursday, gold prices dove 2.65 percent, a $43.30 drop to $1,590.90 per troy ounce.
The yellowish metal's poor performance on Thursday comes one day after it touched its top price in four weeks, The Wall Street Journal reports.
The record price for gold is $1,923.70 per troy ounce, as established in early September of last year.
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