5:30AM Gold gains Wednesday on inflation worries, oil rallies above $75 a barrel.

Gold movement depends on four factors including inflation concerns, the movement of the dollar against the euro, bond yields and oil prices. In his comments to Congress Wednesday, Bernanke stated that growth this year will be slightly slower than the Fed had projected in February on weakness in the housing industry with inflation remaining the main concern of the Federal Reserve.

August gold gained $7.80 to settle at $673.70 an ounce on the New York Mercantile Exchange after the Fed’s Chairman speech. September silver settled at $13.29, up 27.2 cents an ounce, while September copper finished at $3.563, up 1.05 cents a pound.

The yield on the benchmark 10-year Treasury note, which rivals gold as a safe-haven investment, declined to 5.01% from 5.07% late Tuesday.

Oil prices settled above $75 a barrel for the first time since August 2006 and gasoline futures rose after the Energy Information Administration reported an unexpected drop in the nation''s gasoline stockpiles.

Crude oil for August delivery surged $1.03 to settle at $75.05 a barrel on the Nymex. Gasoline futures rallied 9.46 cents to close at $2.1953 a gallon.

In Chicago, agriculture futures made a recovery from the sharp decline of the prior two days. November soybeans rebounded 16 cents to settle at $8.765 a bushel on the Chicago Board of Trade. September wheat added 22.25 cents to close at $6.235 a bushel.

December corn rose 5.75 cents to close at $3.425 a bushel. A break of that price could have sparked a fall to the low point of $2.81 a bushel in September, according to investors.