MW: Gold futures extend decline as Bernanke speaks
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Gold futures extended their decline Thursday as traders digested news of China's surprise interest rate cut and comments from U.S. Federal Reserve Chairman Ben Bernanke. The Fed stands ready to act to protect the financial system and economy if financial stresses from the European crisis escalate, Bernanke said in Congressional testimony. Gold for August delivery GCQ2 -1.57% fell $29.70, or 1.8%, to $1,604.80 an ounce on the Comex division of the New York Mercantile Exchange. Prices settled at a one-month high of $1,634.20 on Wednesday. Silver led the losses among the metals, with July silver SIN2 -1.40% down 56 cents, or 1.9%, to $28.93 an ounce, after jumping 3.8% in the previous session.
