Gold prices rose slightly on Wednesday as U.S. Treasury yields eased from their recent highs, reducing the metal’s opportunity cost, while investors looked ahead to key inflation data that could settle the course of interest rates.

Spot gold rose 0.1% to $1,785.48 per ounce by 0029 GMT. U.S. gold futures were up 0.1% at $1,786.10.

Benchmark 10-year and 30-year U.S. Treasury yields pulled back from their one-week highs hit on Tuesday.

The U.S. Consumer Price Index (CPI) report is due on Friday, and economists in a Reuters poll forecast November CPI at 0.7%.

The Bank of England may hold off again next week on becoming the world’s first big central bank to raise interest rates from their pandemic lows, due to the emergence of the Omicron variant of the coronavirus.

Euro zone inflation could exceed the European Central Bank’s forecast in the long term, so there is no reason now to boost a legacy bond purchase program when an emergency scheme ends next March, ECB policymaker Madis Muller said.

Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest bearing gold.

U.S. President Joe Biden plans to put forward more nominees for open positions on the U.S. Federal Reserve Board by the end of the month, the White House said.

Biden warned Russian President Vladimir Putin that the West would impose “strong economic and other measures” on Russia if it invades Ukraine.

The average prices of gold, silver and platinum next year will be almost the same as in 2021, while the average price of palladium will fall, consultants Metals Focus said.

Spot silver rose 0.2% to $22.51 an ounce. Platinum gained 0.3% to $954.26 and palladium added 0.1% to $1,855.14.