Gold Holds to Gains After Bernanke, Home Sales

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"Increasingly, gold has taken more direction from other commodities and the dollar. . . rather than playing a contrarian role."

Gold futures gained $14.50, or 1.5%, $956.20 an ounce Friday after Federal Reserve Chairman Ben Bernanke said the global economy is beginning to emerge from its worse crisis in generations and separately, a trade group said U.S. home resales rose for the fourth straight month in July. September copper gained 10 cents, or 3.8%, to $2.846 a pound.

The SPDR Gold Trust gained 1.4%. Oil futures and U.S. stocks added to gains after the speech and data, both released at about the same time. The dollar extended losses, helping support commodities prices. Increasingly, gold has taken more direction from other commodities and the dollar, rising when the economic outlook improves, rather than playing a contrarian role.

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