Gold prices slipped on Tuesday after hitting a seven-week high in the previous session, as a rise in U.S. Treasury yields eclipsed support from a weaker dollar.

Spot gold was down 0.2% to $1,766.32 per ounce by 0245 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday.

U.S. gold futures eased 0.3% to $1,766.10 per ounce

“Gold came off yesterday’s high against a backdrop of rising yields. But, the rise in yields didn’t echo into the dollar. The greenback’s soggy performance is supportive for gold,” said DailyFX currency strategist Ilya Spivak.

Benchmark 10-year U.S. Treasury yields rose above 1.6% after hitting a five-week low last week, increasing the opportunity cost of holding non-yielding bullion.

Although the U.S. central bank has reiterated its stance to keep monetary policy accommodative some time, Fed officials have said that any spike in inflation is likely to be temporary.

Offering some respite to bullion, the dollar index fell to a more than six-week low against its rivals, making gold less expensive for holders of other currencies.