NEW YORK: Gold prices eased in choppy trading on Wednesday as strong tech earnings prompted some investors to opt for riskier assets, although a retreat in US bond yields and a weaker dollar limited losses.

Spot gold was down 0.4% at $1,785.55 per ounce by 10:17 a.m. ET (1417 GMT), after a sharp fall in the previous session.

US gold futures for December delivery fell 0.2% to $1,790.40 per ounce.

“Earnings have been fairly impressive and that is surprising a lot of people US tech stocks are a favourite place to go for many investors, which is dampening the demand for a safe haven right now,” said Edward Moya, senior market analyst at brokerage OANDA.

The US tech sector rose about 0.2% following strong quarterly reports from Google-owner Alphabet Inc and Microsoft Corp.

Offering some respite, the dollar index dipped 0.2% against its rivals. Benchmark 10-year US Treasury yields fell to a two-week low, decreasing the opportunity cost of holding non-yielding bullion.

“We are in a consolidation period for gold, but I think that eventually the policy tightening and inflation concerns should really be positive for the metal,” said Moya.

While gold is often considered an inflation hedge, reduced economic stimulus and higher interest rates push government bond yields up, raising the opportunity cost of holding bullion.

Investors are now awaiting Thursday’s European Central Bank meeting and the US Federal Open Market Committee policy meeting on Nov. 3 for more clues on the tapering timeline.

The ECB is expected to keep policy unchanged and leave a decision on its pandemic emergency bond purchase programme to December.

Elsewhere, silver fell 0.7% to $23.96 per ounce.

StoneX analyst Rhona O’Connell said interest in silver is building in the professional market and that bodes well for gold.

Platinum slipped 1% to $1,017.82 per ounce. Spot Palladium tumbled 2%

to $1,969.75 per ounce.