The spot price of gold again hit a record on July 14,
briefly hitting $1,594 an ounce in mid-morning trading.
While many saw this as a sign the metal was ready to crash
the $1,600-an-ounce barrier, at press time the price had settled down to
$1,584. Analysts called
the retrenchment a response to Federal Reserve chairman Ben Bernanke’s comments
before the Senate that the Fed is not considering further monetary easing.
On July 13, the spot price of gold logged
several new highs, in response to speculation about Fed policies.