By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, but remained near a two-month high hit during the previous session. A softer , alongside key central banks insisting that inflation will be temporary and that interest rate hikes are not immediately required, capped the yellow metal’s losses.

They were at $1,825.45 (11:07 pm ET) by noon GMT. This was 0.14% less than their Monday high of Sep. 7. The dollar, which normally moves inversely to gold, inched down on Tuesday and remained near the previous session’s lows.

Following an increase of 4 basis points, the U.S. benchmark 10-year yield was not affected at 1.4862%.

U.S. Federal Reserve officials continued a debate on the job market’s recovery, and how much longer the central bank can tolerate high inflation.

On Monday, Chicago Fed Bank President James Daly admitted that while he’s a little more worried about the possibility of inflation staying high than before, he still believes the Fed won’t need to raise interest rates beyond 2023. Mary Daly (Fed Bank of San Francisco President) will address him later in the afternoon.

Russia’s supply side saw 256.54 tonnes of gold produced between January and September. This is an increase from the 253.77 tons produced during the same time in 2020. According to the finance ministry.

According to reports, the United Arab Emirates will require gold refineries to be subject to an annual audit to verify that their suppliers are accountable, as part of its efforts to fight illicit trading.

Silver fell 0.1% while platinum dropped 0.4%. Palladium edged up 0.2% in other precious metals.