Gold fell sharply after a speech by Fed B. Bernanke, who said the presence of improvements on the U.S. labor market, thereby reducing the probability of QE3 in the short term.

During his speech to the Committee on Financial Services U.S. House of Representatives Fed chief said that the preservation of incentives in the U.S. economy is sound, despite some decline in unemployment. According to him, the labor market have been positive changes, but the situation is still far from normal. In addition, Bernanke said that the rise in oil prices may lead to temporary increases in inflation and reduced purchasing power of citizens, recalling that the outcome of the January FOMC meeting were projected, according to which the rate of inflation in the United States will be constrained in long term after 2012.

March futures price of gold on COMEX today fell to 1719.3 dollars per ounce.