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Laguna Beach, CA, Feb 12 (Tangible Investments) - Precious metals prices rallied on Tuesday as Gold surged $16.57 or 1.30 percent to close at $1,290.65 an ounce, with most of those gains being realized after incoming Fed Chairwoman Janet Yellen assured investors that she would not be making any sudden changes in direction to the central bank's commitment to a measured tapering of its quantitative easing (QE) program. Silver added $0.16 or 0.80 percent to close at $20.20 an ounce.

Chairwoman Yellen made it clear as she testified before the House Financial Services Committee on Tuesday that the economic outlook would have to take a dramatic turn for the worse before the Fed would consider halting its scaling back of bond purchases.

The U.S. House of Representatives was in the news again Tuesday when it passed a one year suspension of the nation’s debt ceiling. In a bipartisan vote of 221 to 201, the House approved a “clean” increase in the nation’s borrowing limit, with no strings attached. The vote sends the measure to the Senate to be voted on later this week. If passed by the Senate the bill would allow the Treasury to borrow as usual for 13 months, so that the next time the debt limit issue arises will be well past the November elections.

Meanwhile, experts are saying that China's burgeoning demand for the yellow metal is supporting the gold price, which has rebounded 7 percent in 2014. "The surge in Chinese gold consumption has helped to limit price declines," said Duan Shihua, of Shanghai Leading Investment Management. "If Chinese demand is sustained, it will be a long-term bullish factor." In India, investors are optimistic that government authorities may decide to relax import restrictions on bullion, after the nation’s trade deficit narrowed in January to $9.92 billion from $10.15 billion in December, which would be supportive of gold, said HSBC.

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