Gold falls following Fed chair's testimony

By Xu JingUnreguser

CHICAGO, June 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday following Federal Reserve Chairman Jerome Powell's testimony before the U.S. Senate Banking Committee.

The most active gold contract for August delivery fell 0.4 U.S. dollars, or 0.02 percent, to close at 1,838.4 dollars per ounce.

Powell testified Wednesday that though the goal of a soft landing has been made "significantly more challenging" in last few months, the Federal Reserve cannot fail on its task to get inflation back down to 2-percent rate. Powell also said that the Federal Reserve is not trying to provoke a recession by rate hikes, but it may be a possibility.

Powell pushed back against the notion that the Federal Reserve has plans to raise rates even more aggressively.

Silver for July delivery fell 34.7 cents, or 1.59 percent, to close at 21.421 dollars per ounce. Platinum for July delivery fell 12.6 dollars, or 1.34 percent, to close at 926.9 dollars per ounce.

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