NEW YORK: Gold was near a three-month low hit earlier on Wednesday and on track for a fourth straight daily decline, while traders assessed US Federal Reserve Chair Jerome Powell’s congressional testimony.

Spot gold was down 0.3% at $1,929.51 per ounce by 11:10 a.m. ET (1510 GMT) after dropping as much as 0.9% earlier. US gold futures fell 0.4% to $1,940.60.

Powell told lawmakers that the fight against inflation still “has a long way to go” and despite a recent pause in interest rate hikes officials were in agreement that borrowing costs would likely still need to move higher.

There’s not one major element putting pressure on the gold market, but rather a combination of rising yields and technical selling pressure, said Jim Wyckoff, senior analyst at Kitco.

Benchmark 10-year Treasury yields rose after Powell’s testimony started, raising the opportunity cost of holding non-yielding bullion.