Commodities: The week that was; Ben Bernanke steals the show

His words marked the futures in gold and silver. Both these metals exhibited significant volatility over the course of last week tracking his testimony.

US Federal Reserve Chairman Ben Bernanke stole the show last week. He was indeed a show-stopper as far as the markets were concerned as he testified before the US Congressional House and Senate. Markets awaited and sat on the sidelines with bated breath as the testimony and Q&A sessions progressed.

His words marked the futures in gold and silver. Both these metals exhibited significant volatility over the course of last week tracking his testimony.

Ben Bernanke said two vital things.

Firstly, the tapering of QE measures would happen when the economy exhibits robust job creation and inflation getting close to 2% mark. This, he has been saying in US English, though in different styles all along the course of QE measures. But the tone of his voice and what his testimony said between the lines did move the markets.

"Bernanke appeared to scale back some of the more aggressive comments regarding curtailment of QE and focused on additional monetary stimulus for the remainder of this year," Jonathan Butler, an analyst at Mitsubishi, said to CNBC.

The report from Reuters noted that the Federal Reserve still expects scaling back of QE measures later in 2013; however has the option of changing plans should the economy changes track, the outlook gets shifted, the report noted.

"Our asset purchases depend on economic and financial developments, but they are by no means on a preset course," he told the U.S. House of Representatives Financial Services Committee in remarks prepared beforehand on Wednesday.