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Gold traders seem to like it when Federal Reserve Chairman Ben Bernanke opens his mouth to speak about the economy.
The largest exchange-traded fund for gold, SPDR Gold Shares (NYSE: GLD ) , was up 2% in afternoon trading Fridaym thanks to a late-day spike after Bernanke said high unemployment and a weak housing market are putting some at risk of being left behind in the recovery.
"The broader economy is in a moderate recovery, and we have recently seen some welcome, if gradual, improvement in the labor market," Bernanke said in a speech. "But our economy is far from where we would like it to be, and many people and neighborhoods are in danger of being left behind."
Gold prices touched $1,560 an ounce Friday afternoon, a fresh record high. The metal has been rallying since Wednesday, when the Fed and Bernanke signaled the central bank's intentions to keep rates low to boost the economic recovery.
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