Gold prices struggle ahead of Powell testimony and silver emerges as a potential alternative.

Gold prices remained near three-month lows as traders awaited cues on U.S. interest rates from Federal Reserve Chair Jerome Powell's testimony. Despite falling for three straight days, gold prices were still trading within the $1,930 to $2,000 an ounce trading range seen since mid-May. Copper prices rose slightly after China cut its benchmark lending rates to release more stimulus and support a slowing economic rebound.