Gold prices fell to their lowest level in more than five weeks on Monday as the dollar and bond yields strengthened ahead of the US Federal Reserve’s July meeting minutes this week that could guide expectations on future interest rates.

Spot gold was down 0.1% at $1,912.29 per ounce, as of 0613 GMT, hitting its lowest level since July 7. US gold futures also slipped 0.1% to $1,944.20.

US bond yields gained, lifting the dollar to its highest since July 7, after data on Friday showed producer prices increased slightly more than expected in July as the cost of services rebounded at the fastest pace in nearly a year.

“The US dollar seems to be trending higher on the back of markets finally understanding that even though the Fed is on hold, commercial rates and bond yields are likely to continue higher,” said Clifford Bennett, chief economist at ACY Securities.

Higher interest rates and Treasury bond yields raise the opportunity cost of holding non-interest-bearing gold, which is priced in dollars.

China’s data on retail sales and industrial output are due Tuesday.

Markets are also awaiting US retail sales figures on Tuesday, followed by the Fed’s July meeting minutes on Wednesday.

“Fed minutes this week will be decidedly hawkish and, therefore, gold may remain under pressure and drop to perhaps as low as $1,900, or even $1,880,” Bennett said.

Reflecting investor interest in gold, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell to the lowest level since late-January 2020.

COMEX gold speculators also cut net long positions by 23,755 contracts to 75,582 in the week to Aug. 8, data showed on Friday.

Among other precious metals, spot silver fell 0.4% to $22.59 an ounce, having matched a low last seen on July 6.

Platinum dropped 0.5% to $908.02, while palladium was steady at $1,293.29.