Good U.S. Economy May Not Lower Interest Rates This Year

GOLD

This morning's comments by Federal Reserve Chairman Powell caused precious metals to move lower. Powell stated that the U.S. economy was in a good place, triggering traders to think that the Fed would not be lowering interest rates this year. Gold reached a low of $1,561 before strong buying appeared.
At 11am PT today, Gold is trading at $1,568 per ounce, down $8 on good volume.

SILVER

The Silver price dropped with Gold, once again testing the key $17.50 per ounce support level. Bargain buyers stepped in at that level and the price quickly rallied back above the $17.60 level. At 11am PT today, Silver is down $0.19 per ounce, trading at $17.64 on average volume.