On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,290.65 a troy ounce during U.S. morning hours, up 0.1% on the day.
Comex gold prices rose by as much as 0.5% earlier in the day to hit a session high of USD1,297.85 a troy ounce, the strongest level since June 24.
Gold futures were likely to find support at USD1,237.05 a troy ounce, the low from July 8 and near-term resistance at USD1,301.75, the high from June 21.
In prepared remarks released before his testimony to Congress later in the day, Fed Chair Bernanke said the pace of the central bank’s bond purchases are not a “preset course”.
"I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course," Bernanke said.
Bernanke reiterated that the Fed will continue to maintain its accommodative monetary policy for the foreseeable future.
He added that the central bank may taper its USD85-billion-a-month asset-purchase program later this year and halt it around mid-2014.
Bernanke said the pace of purchases could be maintained longer if conditions are less favorable.
Bernanke will testify before lawmakers at 10 a.m. Eastern time.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its quantitative easing program sooner-than-expected.
Gold prices rallied 5% last week, the biggest weekly gain since October 2011, after Bernanke said the central bank will continue to maintain accommodative monetary policy for the foreseeable future.
The precious metal is on track to post a loss of 23% on the year amid speculation the Fed will start to unwind its stimulus program by the year's end.
Elsewhere on the Comex, silver for September delivery fell 0.8% to trade at USD19.77 a troy ounce, while copper for September delivery tumbled 1.4% to trade at USD3.143 a pound.
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