This photo shows gold bars stacked in rows.
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Gold eased on Monday after U.S. Treasury yields jumped to their highest in nearly 11 months in the previous session, with platinum scaling a six-year peak on expectations of a supply shortfall.
Spot gold fell 0.1% to $1,821.84 per ounce by 0041 GMT. U.S. gold futures slipped 0.1% to $1,822.30.
Platinum rose 1.1% to $1,265.89, after hitting its highest since January 2015 at $1,269.30. Platinum, used by the auto industry to filter emissions from engine exhausts, may see a third consecutive annual deficit in 2021, according to specialist materials firm Johnson Matthey.
Benchmark U.S. Treasury yields rose to their highest levels since March on Friday, while inflation expectations edged up to a six-year high.
Higher inflation boosts gold but also lifts Treasury yields, which in turn increases the opportunity cost of holding bullion.
U.S. President Joe Biden pushed for the first major legislative achievement of his term on Friday, turning to a bipartisan group of local officials for help on his $1.9 trillion coronavirus relief plan.
U.S. Treasury Secretary Janet Yellen on Friday urged G7 finance leaders to “go big” with additional fiscal stimulus to recover from the COVID-19 pandemic.
Physical gold demand eased last week in India as volatility in domestic prices put off buyers, while interest for silver remained strong in Singapore and Japan.
Hedge funds and money managers raised their bullish positions in COMEX gold and cut them in silver contracts in the week to Feb. 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.