Gold falls to 1-week low ahead of Bernanke, Fed speakers

Chicago (Nov 19)  Gold futures fell to a one-week low on Tuesday, as investors looked ahead to a speech from Federal Reserve Chairman Ben Bernanke later in the day for further indications on the future course of U.S. monetary policy.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,273.80 a troy ounce during U.S. morning trade, up 0.15%.

Comex gold prices traded in a range between USD1,268.50 a troy ounce, the daily low and the weakest level since November 13 and a session high of USD1,277.00 a troy ounce.

The December contract settled down 1.17% on Monday to end at USD1,272.30.

Gold futures were likely to find support at USD1,260.70 a troy ounce, the low from November 12 and resistance at USD1,293.60, the high from November 14.

Fed Chief Bernanke is scheduled to speak Tuesday evening, while New York Fed President William Dudley and Chicago Fed President Charles Evans are also due to speak.

Investors are turning their attention to the minutes of the Fed's October meeting, amid doubts over how long the central bank will keep its easy money policies in place.

Dovish comments by Fed Chairwoman nominee Janet Yellen last week were seen as supporting the view that the central bank will continue its USD85 billion-a-month asset purchase program well into the beginning of next year.

Gold prices are down approximately 24% this year on concerns the Fed would begin cutting back its easy-money policy by trimming its monthly bond purchasing program.

Elsewhere on the Comex, silver for December delivery shed 0.1% to trade at USD20.34 a troy ounce, while copper for December delivery inched up 0.15% to trade at USD3.154 a pound.