CHICAGO, May 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as U.S. treasury yields rose.

       The most active gold contract for August delivery fell 8.9 U.S. dollars, or 0.48 percent, to close at 1,848.4 dollars per ounce.

       Federal Reserve Governor Christopher Waller said in a speech in Frankfurt, Germany, on Monday that he was in favor of 50-basis-point rate increases over the next "several meetings." He also said he would support hikes that exceed the "neutral" level, currently pegged around 2.5 percent for the Federal Reserve's benchmark borrowing rate.

       Waller is among the most hawkish Federal Reserve officials.

       Markets currently are expecting the Federal Reserve to raise benchmark borrowing rates to a range between 2.5 percent and 2.75 percent, in line with the neutral rate. Nevertheless, if inflation continues to rise, the Federal Reserve may go further.

       U.S. President Joe Biden met with Fed Chairman Jerome Powell on inflation Tuesday. Biden pledged adherence to the U.S. central bank's independence.

       Silver for July delivery fell 40.8 cents, or 1.85 percent, to close at 21.688 dollars per ounce. Platinum for July delivery rose 25.3 dollars, or 2.68 percent, to close at 968.3 dollars per ounce.