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NEW YORK: Gold prices pared some gains on Tuesday as the dollar and bond yields rebounded after strong US jobs data raised worries that the Federal Reserve would stick to its aggressive stance on interest rates for some time.

After rising as much as 1.5% earlier in the session, spot gold rose 0.7% to $1,645.25 per ounce by 12:03 p.m. ET (1603 GMT). US gold futures rose 0.4% to $1,647.00.

Data showed US job openings unexpectedly rose in September, suggesting that demand for labour remains strong despite the Fed’s rapid interest rate increases.

Stronger jobs data could impact the Fed’s thinking on being dovish in December, as the sharp reversal in job openings was not expected, said Tai Wong, a senior trader at Heraeus Precious Metals in New York.

Following the report, the dollar index firmed near one-week peak, making bullion more expensive for overseas buyers. Benchmark 10-year Treasury yields also rose.

The Fed’s two-day policy meeting begins on Tuesday, with markets widely expecting a rate hike of 75 basis points.

Higher US interest rates raise the opportunity cost of holding the non-yielding bullion.

Gold prices have declined about 21% since rising past the $2,000 per ounce level in March, due to rapid rate hikes from the Fed.

“We continue to believe that gold will ultimately break below the $1,600 per ounce mark, but I think for now there is probably bit of resistance around $1,675-$1,680,” said Bart Melek, head of commodity markets strategy at TD Securities.

Meanwhile, central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, the World Gold Council (WGC) said.

Elsewhere, spot silver gained 2.7% to $19.65 per ounce, after hitting a three-week peak.

Platinum rose 1.9% to $943.47, while palladium advanced 3.1% to $1,897.54.

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