Gold prices under pressure as Powell maintains hawkish tone.

Gold and silver prices hit three-month lows as Fed Chairman Jerome Powell maintained a hawkish tone during his testimony before Congress, stating that interest rates are still too high and that the central bank will likely have to raise them further. U.S. Treasury yields increased after his remarks, putting more pressure on the precious metals markets. August gold was last down $6.00 at $1,942.10 and July silver was down $0.434 at $22.79.