Central Bank Actions Drive Gold and Silver Prices Down

Gold and silver prices are down as Federal Reserve Chairman Jerome Powell's hawkish comments on U.S. monetary policy put pressure on the precious metals. Technical selling and deteriorating chart postures have also contributed to the decline. Powell's remarks about the possibility of tightening policy further led to a rise in bond yields and the U.S. dollar index, while gold sold off. Additionally, a major ransomware attack on China's largest bank, ICBC, raised concerns about its potential impact on the U.S. Treasury market.