Gold prices held steady on Tuesday as U.S. Treasury yields hit multi-year highs following an aggressive inflation stance by the Federal Reserve chairman, while an intensifying conflict between Russia and Ukraine supported bids for the safe-haven metal.

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Spot gold was flat at $1,936.82 per ounce by 0347 GMT. U.S. gold futures were up 0.4% at $1,937.30.

"There are no new inputs to materially move the price in Asia today, leaving gold stuck between higher U.S. yields and a ramp-up in risk-aversion sentiment," said OANDA senior analyst Jeffrey Halley.

Fed Chairman Jerome Powell indicated that the U.S. central bank would raise interest rates by bigger-than-usual amounts if necessary to bring down inflation that was running "much too high."

The yield on the benchmark 10-year Treasury note jumped above 2.3% for the first time since May 2019, while a closely watched gap between rates for two- and 10-year Treasury notes flattened further, a potential sign of an economic downturn.

Sharp moves in the U.S. Treasury market are increasingly pointing to the risk of an approaching recession, with markets doubting the Fed`s plan to engineer a "soft landing" for the economy as it hikes interest rates to fight inflation, market experts said.

Higher yields and interest rates tend to increase the opportunity cost of holding non-interest paying gold.

Slowing gold`s slide was Ukraine`s remark on Monday that it would not obey ultimatums from Russia after Moscow demanded it stop defending besieged Mariupol.

"Ukraine (conflict) is likely to go on and increase supply-chain tensions and inflation pressures, supporting gold," said Nicholas Frappell, a global general manager at ABC Bullion.

Palladium, used by automakers in catalytic converters to curb emissions, fell 0.5% to $2,572.69 per ounce.

Spot silver rose 0.5% to $25.32 per ounce and platinum gained 0.3% to $1,039.99.