August gold futures were last down $1.40 at $1,781.50 and July Comex silver was last down $0.075 at $25.95 an ounce.
Powell’s prepared text for today’s appearance on the coronavirus pandemic, released Monday afternoon, shows him reiterating the rise in inflation is transitory.
Reports said Russia is considering proposing OPEC and its allies increase output at the next OPEC meeting on July 1, with the world oil market presently estimated to need an additional 3 million barrels a day to satisfy demand.
Prices have dropped well below the key 200-day moving average and are trending lower on the daily chart.
Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $27.50 an ounce.