Federal Reserve Chairman Ben Bernanke held off from offering more stimulus to help economic growth

Gold climbed after Federal Reserve Chairman Ben Bernanke held off from offering more stimulus to help economic growth, boosting the appeal of investments that can act as a protection of wealth.

The gold on the COMEX rose 2.5% to USD 1,841.50 an ounce before trading up USD 19.20, or 1.1% at USD 1,816.50. Silver also rose 0.5% to USD 41.20 an ounce.

Gold has fallen as much as 11% from its all-time high of USD 1,917.90 on Aug 23 as equities rebounded.

Bernanke said in a speech at Jackson Hole, Wyoming, on August 26 that the central bank still has tools to stimulate the economy, without providing details or signalling when or whether policy makers might deploy them.