Gold pressured by elevated bond yields ahead of US data

* SPDR Gold holdings extend decline to lowest since Jan 2020

* Gold has dropped in all but one trading session since last week

* U.S. July retail sales data due at 1230 GMT

Aug 15 (Reuters) - Gold prices were languishing near six-week lows on Tuesday as bond yields continued to climb on expectations that U.S. interest rates are likely to stay higher for longer.

Spot gold was down 0.2% at $1,903.79 per ounce by 0925 GMT, having matched its lowest level in 1-1/2 months hit on Monday. U.S. gold futures dropped 0.5% to $1,935.20.

"The fact that the economic data in the U.S. is proving to be fairly resilient is supportive of a higher-for-longer rate outlook," said Michael Hewson, chief market analyst at CMC Markets.

Along with high interest rates that weigh on non-yielding gold's demand, benchmark 10-year Treasury yields also rose to their highest in more than nine months.

"If that trend continues, we could well see a revisit of the June lows that we saw near (the) $1,895-$1,890 (level)," Hewson said.

Gold priced in pounds hit its lowest since July 18 as the sterling rose after data showed British basic wages grew at a record pace.

Focus shifted to U.S. retail sales data due at 1230 GMT that will show how consumer spending held up in July against higher rates.

If the data surprises on the upside, there is likely to be further downside pressure on gold due to more evidence of a resilient U.S. economy, said Kelvin Wong, senior market analyst, Asia Pacific, OANDA.

Highlighting investor sentiment, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell to their lowest since January 2020 on Monday.

Spot silver fell 0.5% to $22.50 an ounce, platinum shed 0.77% to $895.04, and Palladium slid 1.3% to $1,252.87.

UBS said in a note that more electric vehicles sales and autocatalyst substitution from palladium to platinum will likely push the former into a structural surplus next year and support the prices of the latter. (Reporting by Deep Vakil and Swati Verma in Bengaluru; Editing by Sohini Goswami)