Market Overview

Precious Metals Hit on Bernanke Testimony

Gold and silver took a huge dive this morning. Federal Reserve Chairman Ben Bernanke delivered his semi-annual monetary policy testimony to the House Financial Services Committee. Bernanke gave no sign that the central bank is considering any additional measures to jump start the economy, and said the Fed will hold interest rates at current levels until 2014.

Gold fell over 3 percent, reaching a low near $1,717 an ounce, experiencing it's biggest loss of the year. Investors feared this could be the biggest one-day drop since December 14. While gold has once again gained some ground, Gold is trading around $1,724 it continues to teeter totter.

Silver fell almost 4 percent, to around $35.00 an ounce.

Posted-In: News Commodities Politics Global Econ #s Economics Markets Movers

 

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