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Gold Plummets After Bernanke Announcement

So will first-place winners receive silver medals at the London Olympics this year? Prices for gold took a hit today following Federal Reserve Chairman Ben Bernanke’s announcement that the Fed would not make a move to boost liquidity. The news spurred the American dollar up 0.8 percent against major overseas currencies, sending gold prices below $1,700 per ounce after hitting a three-month high of $1,792 yesterday. Gold had seen a steady rise in value during February as oil prices climbed and consumers looked to metals as investment alternatives.