Gold a Tad Firmer with Asian Markets Supporting

FRANKFURT (July 18) Spot gold is up slightly in Europe, stabilizing after the previous session's declines. Prices came under pressure Thursday after comments by U.S. Federal Reserve Chairman Bernanke revealed little that was new in regard to the timeline for scaling back the Fed's gold-supportive stimulus program. "The bulls and bears of gold tugged at each other as Ben Bernanke covered his statement on both sides in trying to establish a more neutral stance," says Joyce Liu, an investment analyst at Phillip Futures. "This morning however, Asian markets seem to provide strong support for gold prices, possibly awaiting further indication on Ben Bernanke's policy slant as he continues to testify today." Spot gold is 0.2% higher at $1,276.09/oz.