Gold prices rose on Tuesday, within recovery attempts from a 9-month low hit earlier, to consolidate above the $1,700/ounce psychological threshold, but these recovery attempts are being curbed by rising US dollar and the high yield of US 10-year Treasury bonds.
Gold prices rose 0.5% to $1,733.42 an ounce, after opening at $1,724.90, and hit a day low at $1,707.39.
The yellow metal closed lower by 0.5% yesterday, in its fifth straight daily loss.
Gold lost more than 7.5% during February, posting the second consecutive monthly loss, and the largest monthly loss since November 2016 after the US Treasury yields rallied.
The dollar index rose more than 0.4% today, and hit a 4-week high of 91.39 points.
The yield of the US 10-year Treasury rose 2.2% today, extending its gains for the second straight day and hit a 1-year high.
This surge in the US Treasury bond yields led investors to shun riskier assets, amid rising bets the US Fed would scale back monetary policy easing programs to counter the rising inflation.