Gold prices fell over 1 percent on Tuesday after the U.S. Federal Reserve Chair Jerome Powell hinted at big rate hikes down the year to curb soaring inflation, sending Treasury yields higher. Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion. Spot gold XAU= was down 1.1 percent at $1,913.96 per ounce by 10:16 a.m. ET (1416 GMT). U.S. gold futures GCv1 slipped 0.8 percent to $1,913.60. “The fact the Fed is ready to do half point increases versus a quarter point moving forward is all pretty hawkish and has pushed gold lower,” RJO Futures senior market strategist Bob Haberkorn said. “A comment like that would normally send gold significantly lower, like a $50 lower move, but the fact the Russia-Ukraine situation is on the forefront is keeping a floor on gold,” he added. Powell said on Monday policymakers needed …