Gold surged 2 percent in heavy trading on Friday to a five-month high, and looked set to resume its years-long rally after Federal Reserve Chairman Ben Bernanke's key speech raised hopes of a new round of monetary stimulus for the U.S. economy.
The dollar fell to an eight-week low against the euro and two-week low against the yen on Friday after Federal Reserve Chairman Ben Bernanke said high unemployment is "a grave concern," reinforcing expectations for further monetary easing to revive growth.
Oil rose above $114 a barrel in volatile trading on Friday, taking gains in August above 9 percent, after U.S. Federal Reserve Chairman Ben Bernanke stopped short of signaling extra monetary easing was imminent but kept the door open for action.
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