By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia and was near the one-week low hit during the previous session. U.S. Treasury yields climbed to two-year highs as expectations for a quicker-than-expected interest rate hike mount.

The price of gold fell 0.07% by 10:00 PM ET to $1,8111.05 (3:56 GMT) after falling from $1,805 per ounce (on Tuesday).

On Wednesday, the, which moves in an opposite direction to gold, fell slightly, while benchmark U.S. Treasury yields reached two-year highs Tuesday.

Investors are bracing for the U.S. Federal Reserve’s next , due to be handed down on Jan. 26. Expect the central bank to adopt more aggressive measures in order to reduce persistently high inflation levels.

On Thursday, the central banks of Indonesia, Malaysia and Turkey will announce their policy decisions.

Meanwhile, Tuesday’s U.S. fell to 0.70 in January while housing data, including , is due later in the day.

The U.K. will publish its price index numbers later today across the Atlantic.

Reuters polled economists in Europe and predicted that inflation in the eurozone will rise significantly in 2022, compared to December 2021. This may force the European Central Bank (ECB) to tighten its monetary policy when the effects of the micron COVID-19 variation subside.

Asia Pacific’s January data showed that there was a 2.2% decrease in the number of people using electronic cards, which is compared to the 1.1% decline from the prior month. New Zealand was the only country where electronic card sales increased by 0.4%. This figure is 4.2% for December 2021.

Other precious metals: Silver was stable at $23.44 per ounce, while platinum fell 0.3%, and palladium was unchanged at $1,896.83.