Gold futures fell over $77 an ounce Wednesday to log a loss of 1.7% for the month
Federal Reserve Chairman Ben Bernanke's testimony on monetary policy failed to offer an indication of further quantitative easing, providing a boost for the dollar and pressuring dollar-denominated gold
Gold for April delivery settled at $1,711.30 an ounce, down $77.10, or 4.3% on the Comex division of the New York Mercantile Exchange after tapping a low of $1,704.50
That was the lowest settlement price for a most-active contract since Jan. 25 and the biggest one-day percent drop since mid-December
Prices are still up 9.2% year to date
Gold's "sitting on its 200-day moving average, and [it's] very surprising to see a move of this magnitude, but it just shows how crowded the gold (and silver) markets were," said Tom Essaye, editor of the 7:00's Report, a daily commentary on equity and commodity markets and the economy. May silver dropped $2.56, or 6.9%, to settle at $34.64 an ounce
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