Gold prices fell on Thursday as the dollar and bond yields rose after the US Federal Reserve reiterated its commitment to tightening monetary policy to tackle inflation, while uncertainty over the conflict in Ukraine limited bullion losses.
And the price of gold fell in spot transactions by 0.2 percent to $ 1920.82 an ounce (an ounce) by 0518 GMT.
US gold futures rose 0.1 percent to $1,924.20 an ounce.
The dollar is hovering near a two-year high against a basket of currencies after the Federal Reserve’s meeting minutes showed that it is preparing to move aggressively to curb inflation.
A strong dollar makes gold less attractive to holders of other currencies.
Several Fed officials have said they are ready to raise interest rates in half a percentage point increments at upcoming monetary policy meetings to curb inflation, according to meeting details disclosed on Wednesday.
The US 10-year Treasury yield approached its highest level in years during the previous session, increasing the opportunity cost of holding the non-interest-bearing precious metal.
Ukraine wants to impose economically devastating sanctions on Russia enough to end its war after accusing some countries of still prioritizing money over punishing killings of civilians that the West describes as war crimes.
Among other precious metals, the price of silver in spot transactions fell 0.7 percent to $ 24.27 an ounce, platinum fell 0.5 percent to $ 948.34, and palladium rose 1.9 percent to $ 2238.56.