Gold futures were trading lower Tuesday morning, even as U.S. Treasury yields held at multi-month lows and as the dollar headed slightly lower against other currencies.

December gold
GCZ21,
-0.40%

GC00,
-0.40%
,
the most active contract, was trading $9.20, or 0.5%, lower at $1,813.10 an ounce, following a 0.3% gain to start the week and the first session in August.

Price action for the precious commodity might be dictated by the monthly U.S. labor-market data due Friday which could help investors better gauge the economic recovery from the COVID pandemic and the spread of the highly transmissible delta variant.

Commodity investors continue to key in on comments from Federal Reserve members, with some policy makers offering a more hawkish stance on monetary policy since the conclusion of the Fed’s rate-setting meeting last week.

On Monday, Fed Gov. Christopher Waller said during a CNBC interview that the Fed should consider tapering its $120 billion-a-month asset purchases as soon as its next meeting in September, and at a fast enough pace to get it done quickly.

“If the jobs reports come in as I think they are going to…then in my view, with tapering, we should go early and go fast,” Waller said.

“Remember, the Fed is still very much data dependent and the if the economic data cannot support their case, we are unlikely to see any hawkish comments from the Fed,” writes Naeem Aslam, chief market analyst at AvaTrade, in a daily research note.

Meanwhile, silver futures for September
SIU21,
+0.08%

were trading 4 cents, or 0.2%, lower at $25.54 an ounce, after gaining 0.1%.

Trading for gold and silver come Tuesday as the dollar was trading 0.1% weaker at 91.985, as gauged by the ICE U.S. Dollar Index
DXY,
-0.06%
,
and as the benchmark 10-year Treasury note
TMUBMUSD10Y,
1.168%

was at around 1.17%.

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