Gold prices slipped further Wednesday as traders waited to hear from Federal Reserve Chairman Jerome Powell, who will present two days of semi-annual testimony to Congress after the central bank held its policy interest rate steady last week but signaled there may be two more rate rises this year to lower U.S. inflation further.

Gold futures for August delivery were off by $1.70, or 0.1%, to $1,947 per ounce on Comex. Silver futures for July delivery were down 10 cents, or 0.5%, at $23.20 per ounce.

Palladium futures for September delivery were off by $20, or 1.5%, to $1,359 per ounce, while platinum futures for July shed $10.40, or 1.1%, to $957 per ounce. July copper was off by 3 cents, or 0.9%, to $3.85 per pound.

Last week, the Fed chief intimated that the central bank would likely authorize two more interest-rate hikes later this year. Similarly, hawkish comments from the Fed chair this week could boost the U.S. dollar at gold's expense, some worried.

Source : Marketwatch