Gold tumbles below $1,300

Spot gold bottomed after Yellen speech at $1,294 and reached the lowest price since last Friday. Before the statement the yellow metal was weak moving away from the highs.

Gold remains near the lows and currently trades at $1,296, $10 below the price it closed yesterday as President Putin said that Russian troops pulled back from Ukraine border, easing tensions.

Spot silver also declined on Fed Yellen's comments before Congress. Silver last traded at $19.36, down 31 cents on the day.