Gold prices notched a four-week high on Tuesday and extended their winning streak to a fifth session, as a dip in the U.S. dollar and Treasury yields boosted demand for the safe-haven metal amid heightened worries over a global economic slowdown.

Spot gold was up 0.3% at $1,777.20 per ounce, as of 0140 GMT, its highest level since July 5. U.S. gold futures gained 0.4% to $1,794.20 per ounce.

The dollar fell 0.2% to a near one-month low against its rivals, making greenback-denominated gold less expensive for other currency holders.

Benchmark U.S. 10-year Treasury yields dropped to a four-month low, reducing the opportunity cost of holding non-interest bearing gold.

"Gold could push a little higher towards mid $1,800 because the dollar will continue to weaken over the course of August as a lot of the macro numbers in the U.S. are starting to look worse," said Edward Meir, an analyst with ED&F Man Capital Markets.

"If things continue to deteriorate the Federal Reserve could maybe stop raising rates at some point to let the economy heal and more importantly, in Europe and China, we could start seeing some kind of stimulus spending."

Factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production, surveys showed on Monday.

U.S. construction spending fell 1.1% in June, as outlays on single-family homebuilding declined sharply amid rising mortgage rates.

These weak economic readings pointed to a slowdown that could prompt the U.S. central bank to be less aggressive in its monetary policy tightening plans.

Gold, which tends to appreciate on expectations of lower interest rates, has gained nearly $100 since falling on July 21 to its lowest level in more than one year.

Recession fears also weighed on risk appetite among investors.

Spot silver fell 0.4% to $20.26 per ounce, platinum was steady at $906.94, while palladium rose 1% to $2,215.12.

(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)