Gold declined as a rebound in bond yields outweighed bets that the Federal Reserve may hold interest rates steady later this month following a slowdown in the jobs market.

Gold sank to its lowest in more than seven weeks as the standoff between US and Iran over the Strait of Hormuz kept energy costs elevated and reinforced pressure on the Federal Reserve for more interest-rate hikes.

Gold slipped as investors weighed the risk of a series of further US Federal Reserve rate hikes, even as benchmark oil futures extended a decline.

Gold rose along with US stocks and bonds, despite hotter-than-expected inflation data that prompted traders to sharply increase bets on a Federal Reserve rate hike next week.

Gold trimmed gains as bond yields and the dollar pushed higher after the US Treasury said it will triple its long-dated debt buyback to $6 billion.

Gold wavered as bond yields rebounded, with the Treasury’s surprise buyback plan seen as a short-term fix, while rising oil prices fueled concern that inflation will prompt the Federal Reserve to raise interest rates.

Gold declined as traders evaluated the outlook for US inflation and interest rates amid a global government bond rout.