Gold prices corrected after yesterday's sharp rise

The price of gold fell today, after rising more than 1 percent in the previous session, as many investors decided to lock in some of their positions in the run-up speech by Federal Reserve Chairman Ben Bernanke. However, despite the expectation of his comments almost no effect on the dynamics of trade, as he repeated some of their statements yesterday.

Note that the last gold Big one-day rise in three months, as Bernanke said he supported an extension of the Fed's bond purchases by 85 billion dollars. We also recall that Bernanke on Tuesday did not mention about the difference in the views of the commission members FOMC, but touched all the issues that are of concern.

We also add that today, investors have struggled to maintain won last position, however, continued cautious about the longer-term prospects for gold, given the expectations of a further rise in the economic cycle, which increased appetite for riskier assets. In addition, the fall in gold prices was due to the sell-off in stock funds.

Meanwhile, we note that the pressure on the precious metal continues to be provided concerns automatic spending cuts that are set to begin on March 1, if Congress fails to take measures to address this decline.

March futures price of gold on COMEX today dropped, and now stands at 1602.50 dollars per ounce.