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MADRID (MarketWatch) — Gold were largely flat Wednesday, remaining near one-month lows as the market braced for a possible indication by the U.S. Federal Reserve that it will pull back the pace of monetary stimulus.

Fed Chairman Ben Bernanke later Wednesday will address reporters following the conclusion of the central bank’s policy meeting.

Speculation that the Fed will reduce the size of its bond-buying program has kept gold prices under pressure, as the Fed’s bond purchases have been cited as aiding gold’s price rally in recent years.

Gold for August delivery /quotes/zigman/6585799 GCQ3 +0.45% was up 30 cents, paring an earlier loss of around $2, to $1,367.20 an ounce. Prices reached an intraday low of $1,364, levels that were last seen in mid-May, according to FactSet data.

Gold on Tuesday dropped $16.20, or 1.2%, as Fed officials began their two-day policy meeting.

Most analysts don’t expect the Fed on Wednesday to make an announcement about the pace of asset purchases, currently $85 billion a month and aimed at stimulating economic growth. But speculation the Fed will taper intensified last month when some Fed officials began voicing support for reducing the bond buys.

Fed officials appear unlikely to change monetary policy Wednesday, but “they will likely adjust their economic outlook, and that could give clues as to how fast and soon policy may change,” ISI head of fixed-income strategy Stan Shipley told clients Tuesday.

In other metals action Wednesday, July silver /quotes/zigman/652548 SIN3 +0.06% lost 9 cents, or 0.4%, to $21.59 an ounce. Copper for July delivery /quotes/zigman/678445 HGN3 +0.24% held steady at $3.15 a pound.

September palladium /quotes/zigman/10469735 PAU3 +0.06% traded at $706 an ounce, down $2.35, or 0.3%, and July platinum /quotes/zigman/9544538 PLN3 +0.17% gave up 90 cents to $1,439.20 an ounce.

http://www.marketwatch.com/story/gold-extends-losses-as-bernanke-update-nears-2013-06-19?siteid=YAHOOB