PRECIOUS-Gold hits 1-month low on Bernanke’s reduced stimulus talk

Market update for Wednesday, June 19th: Gold slid to a new low for the month on Wednesday following the outcome of the Fed’s just concluded policy meeting in which Chairman Bernanke hinted that the Fed may start tapering off its bond purchases. The embattled Fed chairman indicated downside risks to the economy are receeding, and also announced reduced inflation projections. While hinting and not formally announcing a big change in policy, reports indicate he took a more “hawkish” tone toward the bond purchases. Gold slid below $1350 for the first time since April, while silver dropped to nearly $21.30 . Stocks also experienced heavy losses on the news that bond purchases may end by mid-2014. Read more…