Gold prices falter as Powell takes hawkish stance, silver emerges as potential alternative.

Gold prices remain under pressure as Federal Reserve Chair Jerome Powell strikes a hawkish tone during his first day of testimony before Congress, noting that inflation remains well above the central bank's 2% target and that the Committee expects to see slower growth to further cool down inflation pressures. Powell provided little forward guidance to Congress, but the market continues to price in a rate hike next month. Gold prices remain below important near-term support at $1,950 an ounce.