BENGALURU: Gold prices slid on Tuesday, pressured by a firm US dollar and Treasury yields, while investors eyed remarks from several Federal Reserve officials this week to assess the likelihood of the central bank’s interest rate cuts in the year.

Spot gold was down 0.6% at $2,041.50 per ounce as of 9:26 a.m. ET (1426 GMT), after gaining in the previous three sessions. US gold futures fell 0.3% to $2,045.90.

“Strong gains in the US dollar index are pressuring the gold market as well as a rise in US Treasury yields today on this first day back from the three-day holiday weekend,” said Jim Wyckoff, senior analyst at Kitco Metals.

“However, one could argue that losses in gold are not bad compared to how strong the dollar is as tensions in the Middle East are keeping a floor under the prices.”

The dollar index rose 0.5% to a more than one-month high, making bullion less attractive for other currency holders, while yields on the benchmark US 10-year Treasury notes also gained.

Fed Governor Christopher Waller is scheduled to deliver a speech on the economic outlook before the Brookings Institution at 1600 GMT, with at least other six officials due to speak this week.

“Fed officials probably will keep a neutral guidance, keeping all options on the table based on incoming data.

So to see gold prices tick higher, we need to remain on a soft landing path,” said UBS analyst Giovanni Staunovo. The US central bank is widely expected to hold its policy rate steady at the end of its Jan. 30-31 meeting.

Traders see a 70% probability of an interest rate cut in March, according to the CME Fedwatch tool. Elsewhere, European Central Bank officials pushed back against market expectations for rapid rate cuts this year.

Spot silver fell 0.3% to $23.12 per ounce, platinum declined 1.4% to $902.36, and palladium slipped 3.2% to $939.95.