Gold Gains in Asia on Haven Demand as Bernanke Offers No Boost

Aug. 30 (Bloomberg) -- Gold advanced after Federal Reserve Chairman Ben S. Bernanke held off from offering more stimulus to help economic growth, boosting the appeal of the precious metal as a haven investment.

Immediate-delivery gold advanced as much as 0.2 percent to $1,791.88 an ounce and traded at $1,789.07 at 8:52 a.m. Melbourne time. December delivery bullion in New York was little changed at $1,791.10 an ounce.

Bernanke said on Aug. 25 that the central bank has tools to stimulate the economy, without providing details or signaling when or whether policy makers might deploy them. Gold has gained 26 percent this year as escalating U.S. and European debt woes and sliding equity markets heighten global growth concern.

“The market’s trying to come to grips with what’s happening with Bernanke,” said Jonathan Barratt, a managing director of Commodity Broking Services Pty in Sydney. “That is what’s keeping the market up.”

Cash platinum gained 0.3 percent to $1,826.50 an ounce. Spot silver traded little changed at $40.9012 an ounce, while palladium fell as much as 0.6 percent to $751 an ounce.