Gold fluctuates as the market weighs the drop in oil prices against interest rate hike pressures

Gold stabilized after rising on Tuesday, as traders weighed the drop in oil prices easing concerns about energy-driven inflation against the pressure from high U.S. Treasury yields.

The yield on the U.S. 30-year Treasury bond rose to its highest level since 2002 on Tuesday. The market will focus on U.S. personal consumption expenditure data and non-farm payroll data for clues on the future path of interest rates.