27
August
Gold inches up as markets await Bernanke speech
27 August 2010 Reuters
SHANGHAI, Aug 27 (Reuters) - Gold edged higher on Friday,
as investors waited for a key speech from Federal Reserve chief
Ben Bernanke later in the day and expected the United States to
revise down its second-quarter economic growth figure.
The U.S. government is seen revising its second-quarter
economic growth to an annual pace of 1.4 percent from a
previous figure of 2.4 percent.
"If the figure released comes close to 1.4 percent, it will
be pretty bearish on the market, and could provide some
safe-haven need for gold," said Ong Yi Ling, an analyst at
Philip Futures. "I see some upside potential."
