Morning in brief: Gold falls on Bernanke speech, North Korea halts nuclear tests

Investors pull away from gold after the head of the Federal Reserve boosts confidence, while the implied value of social networking site Facebook falls in an auction.

The price of gold drops by over 5% after Ben Bernanke, the chairman of the US Federal Reserve, said the US is continuing to recover and sparked confidence in the global economy, the BBC reports.

Facebook’s implied value falls from about $98 billion (£63.6 billion) to $93 billion in the auction of a fund that owns shares of the social-networking giant, auction manager SharesPost Inc tells Bloomberg.

Private equity group Terra Firma Capital Partners shelves plans to begin fundraising later this year and hopes to gather about €1 billion from a single sovereign wealth fund, sources tell the Financial Times.

North Korea agrees to halt nuclear missile tests and uranium enrichment, as well as accept international monitoring, in return for 240,000 tonnes of food aid from the US, the Guardian reports.