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LONDON: Gold slipped more than 1% to an over two-week low on Monday as a firm dollar and rising US Treasury yields dimmed the safe-haven metal’s appeal, also pressured by bets for a swift economic recovery in the United States.

Spot gold was down 1.3% at $1,708.79 per ounce by 10:14 p.m. EDT (1414 GMT). US gold futures fell 1.5% to $1,706.00.

“The gold and silver market bulls need a fundamental spark,” said Kitco Metals senior analyst Jim Wyckoff, adding a resurgence in US dollar and elevated yields are limiting buying interest.

The rapid recovery of the US economy, with vaccine numbers ramping up and Biden’s announcement awaited on Wednesday, is a near term negative for gold prices, Wyckoff added.

The dollar index held firm against its rivals, denting gold’s appeal for investors holding other currencies.

On investors’ radar was Biden’s infrastructure spending package due on Wednesday that could have a price tag as high as $4 trillion.

Higher yields have also challenged gold’s status as an inflation hedge since they translate into higher opportunity costs of holding the non-yielding bullion.

“We see virtually no scope for noticeably higher prices until mid-year, though gold should be able to make significant gains in the second half of the year,” Commerzbank analysts wrote in a note.

“Gold is currently lacking the support of financial investors, as buying interest is low.”

Meanwhile, palladium slipped 5.1% to $2,536.75 per ounce, having earlier dropped as much as 6% to an over one-week low earlier in the session.

Russia’s Nornickel Nickel, the top producer of palladium, on Monday said it had stopped water flowing into its two major mines in the Siberian Arctic and both were on track to fully resume production in the coming months.

Platinum was down 0.6% at $1,177.50 per ounce and silver fell 2.1% to $24.52.