August gold futures were last up $8.40 at $1,785.70 and July Comex silver was last up $0.188 at $26.055 an ounce.
lawmakers by Federal Reserve Chairman Jerome Powell this week that higher inflation is only transitory and that the Fed will not put the brakes on its easy money policies too soon.
In overnight news, the Euro zone’s composite purchasing managers index flash number came in at 59.2 in June versus 57.1 in May, and also beat market expectations.
First support is seen at Tuesday’s low of $1,775.80 and then at last week’s low of $1,761.20.
Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $27.50 an ounce.