(Bloomberg) -- Gold extended its longest run of weekly losses this year as investors eyed rising Treasury yields -- and a stronger dollar -- ahead of a flurry of inflation figures due from major economies in coming days.

Bullion has been sliding since mid-April as the Federal Reserve and other central banks tighten policy to fight rising consumer prices. The monetary squeeze has sent yields on U.S. government bonds past 3% and fueled five weeks of gains for the dollar, making gold less attractive.

There could be more bond-market swings to come as a swathe of inflation data feeds the debate on price pressures and monetary policy. U.S. consumer prices are on Wednesday, with China, India, Mexico and Brazil also reporting during the week.

Investors also digested trade data from China on Monday that showed the damage caused by Covid-19 lockdowns in the world’s second-biggest economy. The nation’s exports and imports struggled in April as worsening virus outbreaks cut demand, undermined production and disrupted logistics.

“Persistent strength in the U.S. dollar and higher bond yields amid expectations that the Fed may continue with aggressive rate hikes to get inflation under control” is weighing on gold, said Ravindra Rao, the head of commodity research at Kotak Securities Ltd. However, the downside is limited on increasing concerns relating to China, inflationary worries and tensions over Russia’s war on Ukraine, he said. 

Gold was down 0.6% at $1873.42 an ounce by 6:28 a.m. in London, adding to three weeks of losses. The dollar rose 0.5%, extending gains to a third day. Silver and platinum declined, while palladium rose.  

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