Gold prices exhibit high volatility in the background of the final speech of the Fed.

In today's speech to parliament the U.S. Federal Reserve Chairman Ben Bernanke said the U.S. central bank must make transparent and understandable.

At the same time Bernanke said that a sharp drop in crude oil prices over the past few months has led to a decline in inflation in the country. It is expected that the inflation rate this year is 1.2% -1.7%, lower than the planned mark the Fed at 2%.

In addition, Bernanke said the U.S. economy continued its recovery in the first half, but economic activity in the country a little bit weak.

One of the main purposes of the Federal Reserve is to ensure price stability and to achieve "progress" in the labor market. Bernanke said that there are signs of improvement and the QE program was "productive."

At the same time, he emphasized that monetary policy is not a panacea, and fiscal consolidation should be carried out in stages.

August gold futures on the COMEX is trading today in the range of 1567.2 - 1585.7 dollars per ounce.