Gold prices retreated on Thursday, as prospects for more US interest rate hikes and a subdued outlook for global economic growth bolstered the dollar.

Spot gold was down 0.3% at $1,653.79 per ounce, as of 0404 GMT, after rising about 2% in its biggest daily gain since March on Wednesday. US gold futures slipped 0.5% to $1,662.40.

“The strong US dollar is putting pressure… The market is seeking certainty and stability that appears to be in short supply recently,” said Michael Langford, director at corporate advisory firm AirGuide.

“Our expectations are for gold to stage a relief rally towards $1,680/oz with no new information or market events.”

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The dollar index advanced 0.2%, edging towards its recent 20-year high, buoyed by renewed pressure on the pound. Benchmark 10-year yields were also headed towards their recent multi-year peak.

Gold is traditionally seen as a hedge against inflation and economic turmoil, but its prices have fallen 20% since scaling above the key $2,000 per-ounce level in March, as rapid US rate hikes diminish the non-yielding metal’s appeal.

Higher rates are making investors move towards the dollar instead of gold, with continuous outflows from ETFs (exchange-traded funds), said Peter Fung, head of dealing at Wing Fung Precious Metals.

Atlanta Fed President Raphael Bostic said on Wednesday his baseline outlook is for the US central bank to hike rates by three-quarters of a percentage point at its November policy meeting and by half a percentage point in December.

Spot silver fell 0.7% to $18.76 per ounce, platinum was down 1% to $855.10 and palladium shed 1.24% to $2,128.51.