Gold Fall Below $1,6000 as Bernanke Says Economy Recovers
Gold futures slumped below $1,600 for the first time since August after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is recovering, easing pressure for more stimulus measures.
Stronger U.S. growth benefits the world economy, Bernanke said at a G-20 meeting in Moscow. Billionaire investors George
Soros and Louis Moore Bacon cut their stakes in exchange-traded products backed by gold last quarter, government filings showed. Through yesterday, the Standard & Poor’s 500 index of equities gained 6.7 percent this year, while gold dropped 2.4 percent.