Gold held a loss incurred after Treasury yields surged on waning expectations the Federal Reserve will reverse its aggressive monetary-tightening policy this year.

Bullion initially gained on Tuesday after US data showed inflation slowing on an annual basis, increasing the likelihood the Fed will pause at its meeting ending Wednesday. The precious metal retreated later as traders boosted bets the central bank won't cut interest rates at all in 2023.

Short-term Treasury yields rose on Tuesday to the highest levels since March, which is generally negative for gold as the metal doesn't offer any interest. Bullion has fallen more than 5% since hitting a peak in early May.

Spot gold was little changed at $1,946.57 an ounce as of 9:20 a.m. in Singapore, after closing 0.7% lower in the previous session. The Bloomberg Dollar Spot Index was little changed. Silver, platinum and palladium edged up.

Source : Bloomberg