Gold prices pulled back after a seven-day rally on Monday after U.S. bond yields ticked up, although prices hovered around the five-month highs touched recently underpinned by inflation worries.

Spot gold fell 0.3% to $1,858.70 per ounce by 10:02 a.m. ET (1502 GMT), after touching its highest since mid-June at $1,870.04. U.S. gold futures eased 0.3% to $1,862.00.

Bullion gained around $100 over the past seven sessions, its longest winning streak since May, as its appeal as a hedge against inflation risk was boosted by data showing U.S. consumer prices surged and as major central banks maintained a dovish stance on interest rates.

Gold has backed off on some routine profit taking by shorter-term futures traders but the upward trend is still firmly in place, said Jim Wyckoff, senior analyst at Kitco Metals.

Interest rate hikes tend to reduce non-interest bearing gold’s appeal as it raises the metal’s opportunity cost.

U.S. benchmark 10-year Treasury yields rose, increasing the opportunity cost of holding the non-yielding metal.

Saxo Bank analyst Ole Hansen warned, “If gold fails to break above $1,870 today, then there is a risk that could push it back down to $1,830-$1,835 area, as that could disappoint some investors.”

The Minneapolis Federal Reserve Bank’s president said on Sunday he expected higher inflation in the next few months but said the U.S. central bank should not over react to elevated inflation as it was likely to be temporary.

“The Federal Reserve’s policy normalization, higher interest rates, the USD’s strengthening, and inflation pressure likely fading in 2022 call for a weaker silver price,” UBS analysts said in a note.

Silver fell 1.3% to $24.95 per ounce.

Platinum rose 0.4% to $1,086.70 and palladium gained 1.7% at $2,145.65.