Gold hovered near a four-week low on Tuesday, as some bears looked to book profits, but prices remained largely pressured by a strong dollar and investors dumping bullion to cover for losses in other assets.

Amid prospects of aggressive monetary policy tightening, spot gold rose 0.4% to $1,825.97 per ounce, as of 0247 GMT, after falling to its lowest since May 19 at $1,810.90 earlier in the session.

US gold futures fell 0.2% to $1,827.80.

Gold falls 1% as rate hike bets bolster dollar

“Gold has faced selling pressure as investors have decided to either go to cash, or offload gold to attend margin calls across other markets,” City Index senior market analyst Matt Simpson said, adding that gains today on light volume could be indicative of bears booking a quick profit.

Asian shares tumbled on Tuesday after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high on fears that aggressive US interest rate hikes would push the world’s largest economy into recession.

Higher short-term US interest rates and bond yields increase the opportunity cost of holding bullion, which yields no interest.

The dollar continued to be the safe haven of choice, steadying near a two-decade high scaled on Monday, and drawing most investors away from greenback-priced gold.

Late on Monday, expectations for a 75-basis-point hike by the Fed on Wednesday jumped to 96% from 30% earlier in the day, according to CME’s Fedwatch Tool. A 75-bp hike would be the biggest since 1994.

Investors de-risking leaves the potential for gold prices to take another knock or two, Simpson said, adding that a 75-bps hike could see gold come under further pressure, even if it then regains its status as an inflationary hedge further out.

Spot silver gained 0.5% to $21.16 per ounce, platinum firmed 0.4% to $936.77, and palladium rose 0.4% to$1,804.17.