Gold prices were subdued on Wednesday in choppy trade as a robust dollar and the prospect the Federal Reserve could raise interest rates aggressively kept non-yielding bullion near a one-week low.

Spot gold was 0.1% lower to $1,921.60 per ounce by 8 a.m. EDT (1200 GMT). U.S. gold futures were down 0.2% at $1,924.40.

Gold touched its lowest level since March 29, a move that came a day after Fed Governor Lael Brainard’s comments bolstered expectations for aggressive action by the U.S. central bank to tame inflation.

Brainard’s remarks propelled the U.S. dollar and Treasury yields to multi-year highs, dimming gold’s appeal.

The Fed is due to release the minutes from its March 15-16 Federal Open Market Committee policy meeting at 2 p.m. EDT (1800 GMT).

“Gold could dip back into sub-$1,900 territory if the FOMC minutes or the Fed speak in the coming days offer more hawkish clues,” said Han Tan, chief market analyst at Exinity.

Gold eases on higher US yields, bets of bigger rate hikes

Rising U.S. interest rates and higher yields increase the opportunity cost of holding bullion, which is also used as a hedge against rising inflation.

“However, further sanctions imposed on Russia that ramp up inflationary pressures and further darkens the global economic outlook should offer notable support for spot gold,” Tan added.

Global share prices eased as the United States and its allies prepared new sanctions on Moscow over civilian killings which Ukraine described as “war crimes”, while Russian artillery pounded the Ukrainian cities of Mariupol and Kharkiv.

“There’s still a number of things that could trigger another rally in gold. Inflation continuing to rise beyond current expectations, Ukraine/Russia talks collapsing or a recession,” said Craig Erlam, senior market analyst at OANDA.

Among other precious metals, spot silver fell 0.7% to $24.15 per ounce, platinum edged 0.3% lower to $965.20 and palladium rose 0.4% to $2,247.53.

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