Gold eased off a more-than one-week high on Monday as U.S. Treasury yields firmed and the dollar recouped some losses but bullion held above key technical support of $1,750 buoyed by concern in wider markets about inflation.

Spot gold fell 0.5% to $1,751.24 per ounce by 0943 GMT, reversing gains from an initial climb to its highest since Sept. 23 at $1,765.54 during the Asian session. U.S. gold futures fell 0.4% to $1,751.80.

While gold is slipping off the highs reached on Friday as the dollar finds some support, bullion could benefit as investors remain worried about the fallout from China’s Evergrande crisis and rising energy prices, considering the risks to global economic growth, said Ricardo Evangelista, senior analyst at ActivTrades.

Bullion is considered a hedge against rising inflation and financial instability but also contends with the U.S. dollar as a safe store of value.

Gold will track moves in U.S. yields while risk appetite will continue to provide short-term direction in terms of safe-haven demand ahead of a U.S. jobs report on Friday, Evangelista added.

The jobs data, which is expected to show a continued improvement in the labor market, could influence the U.S. Federal Reserve’s timeline for tapering economic support.

Reduced central bank stimulus and interest rate increases lift bond yields, raising the opportunity cost of holding non-interest-bearing gold.

Recent data showed euro zone inflation hit a 13-year high last month. Meanwhile, U.S. consumer spending surged in August, but outlays adjusted for inflation were weaker, reinforcing expectations that third-quarter economic growth slowed.

“What we’re seeing is that inflation isn’t going to be as short-lived as initially expected and this might start negatively impacting growth,” Harshal Barot, a senior research consultant for South Asia at Metals Focus said.

Silver fell 0.5% to $22.41 per ounce, platinum shed 1.7% to $955.05, and palladium dropped 1.4% to $1,891.36.