CHICAGO, June 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday ahead of Federal Reserve Chairman Jerome Powell's testimony to the U.S. Congress.

The most active gold contract for August delivery fell 2.80 U.S. dollars, or 0.14 percent, to close at 1,944.90 dollars per ounce.

Powell began his two-day semi-annual testimony before the House Financial Services Committee on Wednesday.

Though inflation has moderated somewhat since the middle of 2022, the United States remains a long way from low and stable inflation, as "inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go," Powell testified.

Powell reiterated that rates are likely to go even higher in the congressional hearing.

Powell's testimony will provide fresh clues on the timing of any future U.S. interest rate increases, as market expects two more rate hikes from the Federal Reserve this year, market analysts hold.

In an interview with The Wall Street Journal, Chicago Federal Reserve President Austan Goolsbee said the U.S. central bank needs to "do more sniffing" on the economy and inflation before determining whether to resume raising interest rates.

"I have not decided what should be the rate decision more than a month from now," Goolsbee said.

The Fed skipped an increase in interest rates last week after 10 straight hikes since March 2022. Rate hikes take time to slow the economy and the effects are always readily apparent, Goolsbee noted.

Silver for July delivery fell 42.40 cents, or 1.82 percent, to close at 22.81 dollars per ounce. Platinum for July delivery fell 19 dollars, or 1.96 percent, to close at 949 dollars per ounce.