Gold prices fell around 1% to a near three-week low on Tuesday as the renomination of U.S. Federal Reserve Chair Jerome Powell fuelled bets of faster interest rate hikes, bolstering the dollar and Treasury yields. Spot gold fell 0.9% to $1,788.51 per ounce. U.S. gold futures settled down 1.3% at $1,783.8. Caught in gold's slide, spot silver fell 2.8% to $23.49 per ounce, platinum tumbled 4.7% to $964.42 and palladium dropped 4.5% to $1,865.68. Making gold expensive for holders of other currencies, the dollar index steadied, while U.S. Treasury yields firmed. Investors are betting Powell will step up the pace at which the central bank is normalizing monetary policy to better grapple with surging consumer prices. Powell and Treasury Secretary Janet Yellen are set to appear before the Senate Banking Committee next week. Gold prices have fallen nearly $100 since scaling a five-month peak of $1,876.90 per ounce last week. Gold is seen as a hedge against inflation, but rising Treasury yields have challenged that status as they translate into a higher opportunity cost of holding bullion.