Summary Box: Gold rises after stimulus hopes wane

AP News
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Posted: Jul 14, 2011 3:23 PM
Summary Box: Gold rises after stimulus hopes wane

GLITTERING GAINS: Gold settled up $3.80 at $1,589.30 an ounce rose after Federal Reserve Chairman Ben Bernanke tempered hopes that a new economic stimulus program would be approved anytime soon.

BERNANKE'S BRAKE: Bernanke's comments came a day after he said the central bank was looking at some measures that could help economic growth if necessary. Such measures can cause the dollar to weaken against other currencies. Since commodities are priced in dollars, a weaker dollar makes them cheaper for buyers using other currencies.

MIXED BAG: Oil, industrial metals and agriculture products were mixed.