Gold inched up on Tuesday, after a spike in U.S. bond yields spurred by bets of earlier-than-expected interest rate hikes by the Federal Reserve led to bullion’s worst sell-off in six weeks in the previous session.

Spot gold was up 0.2% at $1,804.46 per ounce by 0345 GMT, after prices hit a more than one-month high of $1,831.62 on Monday before reversing course to close 1.5% lower. U.S. gold futures were up 0.2% at $1,804.30.

“When you have this kind of a rise in yields that undermines the appeal of an anti-inflation hedge… (It’s) really not surprising to see gold start weaker,” said DailyFX currency strategist Ilya Spivak.

Towards 2021-end, interest rate expectations were rising, but inflation worries were building up even faster. So real interest rates were kept anchored and that gave gold some appeal as a store of inflation-adjusted value, he said.

Benchmark 10-year Treasury yields rose to a six-week high on Monday, with investors expecting the Fed to raise rates in March, soon after it completes tapering of its bond purchases. Higher yields raise the opportunity cost of holding non-interest paying gold.

The coronavirus Omicron variant appears to be far more contagious than previous iterations, but data suggests it may be less virulent than Delta, which led to various nations taking strict preventive measures.

A number of businesses, including several major U.S. banks, have encouraged staff to work from home during the first few weeks of the year despite a U.S. agency’s approval for a third dose of vaccine for children.

Spot gold may stabilize around a support at $1,801 per ounce, and test a resistance at $1,815, according to Reuters’ technical analyst Wang Tao.

Spot silver fell 0.4% to $22.77 an ounce, platinum was up 0.1% at $956.00, and palladium gained 1.2% to $1,847.69.