02:05 PM EDT, 03/11/2024 (MT Newswires) -- Gold closes at the seventh-straight record high on Monday even as the dollar and treasury yields rose ahead of US inflation data coming on Tuesday.

Gold for April delivery closed up US$3.10 to settle at US$2,188.60 per ounce.

The price of the precious metal has been steadily rising on expectations the Federal Reserve will begin cutting interest rates this year, though the central bank says it will not begin easing rates until inflation nears its 2% target. The consensus estimate for the February US consumer price index is a rise of 3.1%, annualized, with the core rating rising 3.7%, according to Marketwatch.

The ICE dollar index was last seen up 0.14 points to 102.86.

Treasury yields also rose, bearish for gold since it offers no interest. The US two-year note was last seen paying 4.544%, up 6.2 basis points, while the yield on the 10-year note was up 2.5 basis points to 4.105%.