Gold futures posted modest gains on Tuesday, buoyed by a plunging US dollar and falling Treasury yields. The yellow metal has failed to stay above $1,700, but with the Federal Reserve discussing slowing down the pace of interest rate hikes, could gold prices be resuscitated?

December gold futures added $5.50, or 0.33%, to $1,659.60 per ounce at 14:33 GMT on Tuesday on the COMEX division of the New York Mercantile Exchange. Gold is up about 0.4% over the last week, but it is down 9% year-to-date.

Silver, the sister commodity to gold, is trying to remain above $19. November silver futures edged up $0.061, or 0.32%, to $19.25 per ounce. The white metal has had a decent month, climbing close to 5% in October.

Gold and silver prices are enjoying a tepid rally on Tuesday amid a falling greenback and sliding bond yields.

The US Dollar Index (DXY), which measures the greenback against a basket of currencies, tumbled 0.75% to 111.15, from an opening of 111.99. The index is poised for a weekly loss of around 2.6%, but it is still up nearly 16% year-to-date.

A weaker buck is good for commodities priced in dollars because it makes it cheaper for foreign investors to purchase.

The US Treasury market was red across the board, with the benchmark ten-year yield down 13.8 basis points to 4.094%. The one-year bill fell 5.5 basis points to 4.561%, while the 30-year bond shed 9.5 basis points to 4.267%

A rising-rate environment is typically bearish because it increases the opportunity cost of holding non-yielding bullion.

Meanwhile, investors are turning bearish on gold, as speculators increased their net short positions to 20,633 contracts, according to the US Commodity Futures Trading Commission (CFTC).

“Investors are still giving gold the cold shoulder, thereby generating persistent headwind,” said Commerzbank analysts in a note.

In other metal markets, November copper futures fell $0.0235, or 0.69%, to $3.407 per pound. November platinum futures dropped $7.20, or 0.78%, to $919.40 an ounce. November palladium futures cratered $52.80, or 2.66%, to $1,915.50 an ounce.