Commodities Jump On Bernanke Comments (USO, UNG, SLV, GLD, AONE, NBL)

Commodities were trading higher on Monday after the Federal Reserve Chairman Ben Bernanke signaled that the central bank would continue supportive monetary policies even as the unemployment rate improves.
Gold is the biggest gainer with a gain of 1.50% to $1688 an ounce on the Comex division of the New York Mercantile Exchange.

In a speech to a gathering of business economists, Bernanke said gains in the labor market since last fall could be due to the reversing of large layoffs from earlier in the recession, and that faster economic growth may be the key to further improvements. “We cannot yet be sure that the recent pace of improvement in the labor market will be sustained,” Bernanke said.

Gold had been under selling pressure since the start of this month on fears that the central bank won’t pursue any further stimulus on the back of strong economic data. The yellow metal has slid over 3% so far this month.
On Monday, copper for May delivery climbed 7 cents, or 1.9%, to $3.88 a pound. April platinum added $20, , to $1,648 an ounce. May silver futures soared 57 cents, or 1.8%, at $32.82 an ounce. The dollar Index slid to 79.07 from 79.42 on Friday.

In the energy space, the front-month April Natural gas futures contract on the New York Mercantile Exchange, , fell 1.3 cents at $2.262 per million British thermal units on supplies concern.
Crude for May added 17 cents, or 0.15%, to $107.04 a barrel on the New York Mercantile Exchange. It was 1.4% on Friday, amid lingering geopolitical concerns. Elsewhere in the energy complex, gasoline for April delivery surged 2 cents, or 0.5%, to $3.40 a gallon. April heating oil climbed 1 cent higher, or 0.4%, to $3.22 a gallon.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was flat at $40.67, United States Natural Gas Fund, LP(NYSEARCA:UNG) lost 0.24 (-1.35%) to $17.59. SPDR Gold Trust (ETF)(NYSEARCA:GLD) is up 1.36% to $163.73, iShares Silver Trust (ETF)(NYSEARCA:SLV) rose over 2% to $31.87.

A123 Systems, Inc.(NASDAQ:AONE) tumbled over 11% to $1.51 after the cash-strapped electric car battery maker says it's launching a recall program to replace battery modules and packs may contain defective cells.
Noble Energy, Inc.(NYSE:NBL) climbed 2.36% to $98.63 after the company said that Q1 production will come in at "the upper end" of the range previously announced at 228 to 236 MBoe/d. The company has boosted production in fields in Northern Colorado and West Africa.