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SINGAPORE: Gold prices inched lower in Asian trade on Tuesday after hitting a seven-week high in the previous session, as a rebound in US Treasury yields eclipsed support from a weaker dollar.

Spot gold was down 0.1% at $1,768.01 per ounce by 0711 GMT, after hitting $1,789.77 on Monday, its highest since Feb. 25.

US gold futures eased 0.1% to $1,769 per ounce.

“Gold came off Monday’s high against a backdrop of rising yields. But the rise in yields didn’t echo into the dollar. The greenback’s soggy performance is supportive for gold,” said DailyFX currency strategist Ilya Spivak.

Gold is seen as a hedge against inflation that could follow stimulus measures, but higher Treasury yields have dulled some of the appeal of the non-yielding commodity this year.

“As it comes to inflation, the more inflation we get and the less the Federal Reserve is able to ignore that, the worst for gold it is... Technically, gold’s trend is still pointing lower,” DailyFX’s Spivak said.

Offering some respite to bullion, the dollar index weakened to a near seven-week low against its rivals, making gold less expensive for holders of other currencies.

Spot gold may slide more into a range of $1,744 to $1,758 per ounce, following its failure to break a resistance at $1,785, according to Reuters technical analyst Wang Tao.

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