Gold Trades Sharply Higher, Above $1,600, After Bernanke Remarks; Short Covering, Bargain Hunting, Safe-Haven Demand Seen:

Comex gold futures prices are trading sharply higher in late-morning trading Tuesday and quickly regained the losses that occurred in the immediate aftermath of some stronger-than-expected U.S. economic data and amid remarks from Fed Chairman Ben Bernanke. While Bernanke's remarks were pretty much what the market place expected, they were nonetheless dovish on U.S. monetary policy, and what the precious metals market bulls wanted to hear from the Fed chief. In prepared remarks, Bernanke told a U.S. Senate committee that the benefits of a very accommodative monetary policy outweigh the potential risks of such, helping assuage fears the U.S. central bank could end its quantitative easing of monetary policy sooner rather than later. While the overall risk appetite in the market place appeared to uptick just a bit Tuesday morning, from that seen late Monday and overnight, the gold market scored solid gains from a "buy the dip" mentality among bargain hunters and safe-haven asset seekers. April gold last traded up $20.30 an ounce at $1,607.00.

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