PRECIOUS-Gold under pressure as U.S. Treasury yields rise, dollar firms

* Benchmark U.S. yields at highest since February 2020
* Dollar rebounds from three-week low
* Minutes of U.S. Fed Jan. meeting due at 1900 GMT
* Gold, Silver ETFs see biggest outflows in three months

(Adds context, updates prices)
By Asha Sistla
Feb 17 (Reuters) - Gold prices extended losses for a fifth
straight session on Wednesday, slipping to near two-week lows as
soaring U.S. Treasury yields and a firmer dollar dented
bullion's appeal.
Spot gold XAU= fell 0.5% to $1,786.11 per ounce by 0813
GMT. U.S. gold futures GCv1 fell 0.6% to $1,787.70.
"Investors are eyeing rising yields, dollar and are hesitant
to do any bargain hunting on the precious metals at the moment
as yields may go further up in view of reflation hopes and
impending stimulus package," said DailyFX strategist Margaret
Yang. "In the near-term gold price maybe under further
pressure."
Benchmark U.S. Treasury yields jumped to their highest since
late-February 2020, while the dollar index .DXY rebounded from
a three-week low. US/ USD/
U.S. President Joe Biden wants Congress to pass his relief
bill in the coming weeks in order to get $1,400 stimulus checks
out to Americans and bolster unemployment payments. Higher inflation boosts gold but also lifts Treasury yields,
which in turn increases the opportunity cost of holding bullion.
"Deep corrections of (gold) prices due to short-term
fluctuations are viewed as buying opportunities," Avtar Sandu,
senior commodities manager at Phillip Futures, said in a note.
Investors are also looking forward to the minutes of the
Federal Reserve's end-January monetary policy meeting due on
Wednesday.
"A more dovish tone (from the Fed) is going to provide gold
some support or else, a neutral statement like before is going
to have very little impact," said DailyFX strategist Margaret
Yang.
Gold and silver ETFs witnessed the biggest outflows in three
months in the week ended Feb. 10 as investors put their money
into soaring equities and high-yielding bond markets.
GOL/ETF
Platinum XPT= , used in catalytic converters for vehicles,
slipped 1.5% to $1,243.16, trading below Tuesday's high of
$1,336.50, a peak since September 2014.
Palladium XPD= was down 0.2% to $2,377.69, while silver
XAG= was down 0.4% to $27.11.