Gold futures on the COMEX division of the New York Mercantile Exchange rose to a two week high on Monday, after comments from U.S. Federal Reserve (Fed) Chairman Ben Bernanke expressed uncertainty about the U.S. labor market and suggested the Fed would continue loose monetary policy.

The most active gold contract for April delivery rose 23.2 dollars, or 1.4 percent, to settle at 1,685.6 U.S. dollars per ounce.

In a speech Monday morning to the National Association for Business Economics, Bernanke commented on the recent declines in the U.S. unemployment rate. Despite the highly celebrated drop in unemployment from over nine percent to the 8.3 percent seen in February, Bernanke said that it remained uncertain if that trend would continue.

In response to Bernanke's comments both gold and the equities markets sharply rose Monday, as traders took the Federal Reserve Chairman's response as an indication that the Fed would continue its loose monetary policy, possibly even introducing more quantitative easing measures in the future.

Gold is known for its safe haven appeal in times of economic difficulties, and Bernanke's assessment that robust U.S. economic growth was far from assured therefore sent the dollar down, while bolstering the gold bull camp.

Other precious metals also saw gains on Monday due to Bernanke' s outlook. Silver for May delivery rose 47.8 cents, or 1.4 percent, to 32.75 dollars per ounce. April Platinum settled at 1,646.7 dollars per ounce, up 18 dollars, or 1.1 percent.