Gold prices fell on Thursday, weighed down by a stronger dollar and remarks from U.S. Federal Reserve Chair Jerome Powell about the central bank’s commitment to tame price pressures.

Spot gold fell 0.4% to $1,829.39 per ounce. U.S. gold futures eased 0.4% to $1,831.30.

While gold is considered a hedge against inflation and economic instability, it also contends with the dollar as a safe-store of value, with a firmer dollar hurting demand for greenback-priced bullion among buyers holding other currencies.

Gold is expected to face a gradual downward pressure, and move towards $1,800, with Powell reiterating the rate hike path and the dollar also strengthening, Bank of China International analyst Xiao Fu said.

“Because gold’s a safe haven asset, it will attract buying on (recession risk) demand, but the rising rates are very powerful in terms of impacting other asset classes and including gold.”

Rising U.S. interest rates increase the opportunity cost of holding non-yielding bullion.

Powell on Wednesday noted that the Fed is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn.

Powell is due to testify again in Washington D.C. later on Thursday.

“Gold is crypto for Boomers, it has no meaningful industrial usage and is a psychological store of value much in the same way crypto was for the younger generation,” said Michael Langford, director at corporate advisory AirGuide.