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Gold Turns Positive for the Week on Bernanke Testimony (Update 1)

Updated from 12:03 p.m. ET with settlement price

NEW YORK (TheStreet) -- Gold prices on Thursday gained to push the yellow metal into positive territory for the week after Federal Reserve Chairman Ben Bernanke testified to the Senate Banking Committee.

Gold for August delivery at the COMEX division of the New York Mercantile Exchange climbed $6.70 to $1,284.20 an ounce. The gold price traded as high as $1,287.90 and as low as $1,273.30 an ounce, while the spot price was up $8.80.

"It's been pretty much range trading the past few days, unable to take $1,300, but other than that it's summer of trading," said Howard Wen, commodities research associate at HSBC Bank USA.

Gold on Wednesday posted a choppy session that witnessed lower prices in early morning electronic trading, followed by a reversal higher on a seemingly dovish prepared testimony by Bernanke to the House Financial Services Committee. Gold then dropped off double digits by the afternoon settlement.

Gold ETF SPDR Gold Trust (GLD) was gaining 0.72% to $124.21 a share, while iShares Gold Trust (IAU) was up 0.89% to $12.50.

Gold ETFs have continued to see outflows, which has significantly hurt prices, but physical demand in China and India is offering a floor that is keeping the yellow metal trading in the high $1,200 an ounce range, according to a note by UBS analyst Joni Teves.

"China is probably going to come in between 900 and 1,000 tonnes this year for full year; last year was a record at 776 tonnes, so that gives you the best indicator I think," Marcus Grubb, managing director of investment at World Gold Council, said in an interview.

Silver prices for September delivery moved inversely of gold, slipping 3 cents to $19.39 an ounce, while the U.S. dollar index was adding 0.19% to $82.85.

Silver prices jumped above $20 an ounce for part of Wednesday's session, before paring gains in the afternoon to settle below that level. Silver has traded at a high correlation to gold, but the tick higher than $20 for the white precious metal may suggest that it is likely near a bottom for 2013.

"We should be able to look for a saucer or dish-shaped bottom here," Bradford Cooke, chief executive of Endeavour Silver Corp., said in an interview. "From time to time there are financial accidents vis-à-vis, say, Europe, Greece, Cyprus, etc. -- that's what will turn a saucer-shaped bottom into a spike."

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