Gold prices slipped on Tuesday, hurt by an uptick in the dollar and Treasury yields as investors awaited U.S. inflation data due later this week that could provide cues on the timing of interest rate cuts by the Federal Reserve this year.

Spot gold was down 0.4% at $2,323.60 per ounce by 10:17 a.m. ET (1417 GMT). U.S. gold futures fell 0.4% to $2,335.80.

The dollar rose 0.2% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year yields also edged higher.

"There's still a lot of physical demand from central banks and there's that Asian demand ... ultimately the expectation is that the Fed will cut rates and investors are very reluctant to get short on gold," said Ryan McKay, senior commodity strategist at TD Securities.

Global physically backed gold exchange-traded funds (ETFs), a crucial category of demand, saw inflows last week of $212 million, or 2.1 metric tons, according to the World Gold Council.

The non-yielding bullion hit a record high of $2,449.89 on May 20 and is up 12% so far this year, supported by Fed rate-cut hopes and strong purchases by central banks amid geopolitical tensions.

This week, traders are looking forward to the U.S. first-quarter gross domestic product estimates due on Thursday and the personal consumption expenditures (PCE) price index report on Friday.

Chicago Fed President Austan Goolsbee said in a CNBC interview on Monday that he was still looking for inflation to cool further as part of the process that would open the door to a rate cut.

Lower interest rates reduce the opportunity cost of holding bullion.

Elsewhere, spot silver dipped 1.4% to $29.22 per ounce, while platinum eased 0.4% to $990.85, and palladium dropped 3.9% to $941.

(Reporting by Brijesh Patel in Bengaluru; Additional reporting by Polina Devitt in London; Editing by Shounak Dasgupta)