By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, as the strengthened and U.S. Treasury yields climbed.

by 10:42PM ET (1:42AM GMT) the dollar had fallen 0.07%, but was still above $1800. Although the dollar moved in an opposite direction to gold on Tuesday, it was still up and near its lowest point for two months. On Tuesday, U.S. Treasury yields rose alongside the curve.

Now investors are awaiting the decision, expected to be made on Jan. 26, by the central bank. To curb inflation, the central bank indicated it may raise interest rates by March 2022.

In Asia Pacific, the Bank of Japan at –0.10% as it handed down its earlier in the day.

Elsewhere in the region, the People’s Bank of China (PBOC) triggered expectations of further monetary easing after it lowered the rate on its one-year policy loans by 10 basis points to 2.85% on Monday. Also, it reduced the rate of the seven-day reverse buy agreements from 2.2% to 2.1%.

These PBOC actions are a stark contrast to the Fed’s series of expected interest rate hikes within 2022.

The Indonesian, Malaysian, Norway, Turkey and Ukraine central banks will all also announce their respective policy decision on Thursday.

According to an International Labour Organization (ILO) report, it will take the world’s job market longer than expected to recover. Due to uncertainty over the duration and course of the pandemic, unemployment is expected to stay above levels pre-COVID-19 until 2023.

Other precious metals: Silver rose 0.1%, platinum rose 0.3% and palladium remained flat at $1.874.66.