Gold held around $1,840 an ounce on Tuesday, nursing some losses from last week and remaining under pressure from a strong dollar and elevated Treasury yields. The metal declined nearly 2% last week amid a global wave of monetary tightening aimed at bringing inflation down, led by the Federal Reserve’s 75 basis point rate hike. In the latest Fed commentary, Governor Christopher Waller said he would support another increase of a similar scale at the central bank’s July meeting. Meanwhile, Cleveland Fed Bank President Loretta Mester said Sunday that the risk of a US recession is increasing, and that it will take several years to return to the central bank’s 2% inflation goal. Investors now look ahead to Fed Chair Jerome Powell’s appearance before Congress on Wednesday and Thursday for clues on the likely path forward for US monetary policy.