Gold held its ground on Thursday, with greenback-priced bullion caught between support from slightly lower U.S. Treasury yields and pressure from a firm dollar.

Spot gold was steady at $1,844.57 per ounce, as of 0305 GMT. U.S. gold futures were down 0.1% to $1,846.80.

Gold has been in a narrow range between $1,828 and $1,864, for about a week, hovering around $1,850 overall, and prices are consolidating now, GoldSilver Central MD Brian Lan said, adding that (trading in) this range could continue with some investors sitting on the sidelines due to an absence of major news.

Investors are yet to see how gold reacts to lifting of lockdowns in Shanghai; while there could be pent-up demand on the physical side, institutions holding large amounts of gold may liquidate to raise funds, Lan said.

Benchmark U.S. 10-year Treasury yields dipped, buoying the appeal of zero-yield gold.

However, the dollar steadied after hitting a more than one-week peak on Wednesday, making bullion less attractive for overseas buyers.

“A hawkish Fed (U.S. Federal Reserve), higher real rates, and what still remain anchored medium-term inflation expectations have weighed on gold price momentum amid a relatively robust dollar backdrop,” Citi Research said in a note.

Bullion is considered a safe haven during times of political and economic uncertainty. However, higher short-term U.S. interest rates increase the opportunity cost of holding gold.

“It also seems likely some geopolitical risk premium has eroded as the market absorbed the Russia/Ukraine conflict. On the other hand, elevated asset market volatility, a potential return of the central bank gold bid, and ‘stagflation’ tail hedges have likely buttressed $1,800 support,” the note said.

Spot silver dipped 0.1% to $21.77 per ounce, and platinum fell 0.7% to $989.50, while palladium rose 0.2% to $2,001.15.