Gold futures advanced on Friday as the 17-nation euro also gained in value after indications of support for debt-riddled Spanish banks, The Wall Street Journal reports.
Despite Friday's gains, bullion is still down for the week after the world's reserve currency benefited from what U.S. Federal Reserve Chairman Ben Bernanke did not say. When testifying before the Joint Economic Committee on Capitol Hill on Thursday, Bernanke did not commit to any economy-spurring intervention measures.
"The political and economic worry in Europe isn't going to subside," market analyst Jimmy Tintle with GreenKey Alternative Asset Services told The Wall Street Journal. "And I don't think there are any inflationary concerns to drive gold up."
At 3:35 p.m. on Friday, gold futures increased 0.35 percent, a $5.50 advance to $1,593.50 per troy ounce.
Gold bulls held out hope that the Fed chief would more strongly signal the institute he leads was set to boost the economy, according to Reuters. That intervention would water down the value of the world's reserve currency, which proves to be beneficial to the price of bullion.
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