Gold prices are sinking as traders weigh the possibility that the Federal Reserve will start paring back its support for the economy in the coming months.

Gold for June delivery fell $10.20 to settle at $1,367.40 an ounce, a drop of 0.7 percent.

Prices for the precious metal wavered earlier in the day. In testimony before Congress, Federal Reserve Chairman Ben Bernanke said it was too soon to taper its bond-buying program. The news helped send gold prices up to $1,411 in morning trading.

Bernanke later explained that the Fed would still consider slowing the pace of its bond purchases in the coming months if the economy improved enough. Gold prices soon slumped.

Other metals rose slightly Wednesday.

In other trading, corn and soybeans dropped slightly, while wheat inched up.