03.10.202310:05:00UTC+00Gold Pressured By Stronger Dollar, Rising Yields

A stronger dollar and rising bond yields kept gold under pressure on Tuesday.

Spot gold was marginally lower at $1,826.62, extending losses for the seventh straight session to hold near seven-month lows. U.S. gold futures were down 0.3 percent at $1,842.15.

The dollar scaled an 11-month peak against a basket of major rivals and the U.S. 10-year treasury yields hit a fresh 16-year peak as investors react to hawkish remarks by Federal Reserve officials.

Fed Governor Michelle Bowman indicated on Monday that multiple interest-rate hikes may be required to get inflation down to the Fed's 2 percent target.

Fed Vice Chair for Supervision Michael Barr said his focus is on how long to hold rates high.

Cleveland Fed leader Loretta Mester also said the Fed's work is likely not done and one more rate hike may be needed this year.

Trading later in the day may be impacted by reaction to a report on job openings in the month of August ahead of the closely watched monthly jobs report on Friday.

Economists currently expect U.S. employment to increase by 163,000 jobs in September after an increase of 187,000 jobs in August.

The unemployment rate is expected to edge down to 3.7 percent from 3.8 percent.