U.S. dollar scales oneyear peak
U.S. PPI, weekly jobless claims data due at 1330 GMT
Fed Chair Powell due to speak later in the day

Nov 14 Reuters Gold fell for a fifth straight session on Thursday to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve39;s interest rate cuts.

Spot gold was down 0.7 at 2,555.85 per ounce as of 0744 GMT, after hitting its lowest since Sept. 18 earlier in the session. U.S. gold futures fell about 1 to 2,560.90.

The U.S. dollar advanced to a oneyear high, making gold more expensive for overseas buyers, while Treasury yield rose to its highest since July.

For the time being, gold is just pushed around by the dollar and yields, which is creating this mechanical drop in the short term, said Kyle Rodda, financial market analyst at Capital.com.

While last night39;s inflation data suggests that the Fed might be able to lower things slightly next month, the next year is being driven by expectations of higher inflation and, therefore, fewer rate cuts.

Data released on Wednesday showed that U.S. consumer prices increased as expected in October, and progress toward low inflation has slowed in recent months.

Gold is considered a hedge against inflation, but higher interest rates dampen the appeal of holding the nonyielding asset.

Fed officials remain cautious about future rate cuts, citing potential risks to inflation.

While St. Louis Fed…