Gold touches two-week lows as dollar and bond yields rise

Gold prices fell to their lowest level in two weeks on Wednesday, but remained in a limited range as the demand for the precious metal as a safe haven helped offset some of the continuing pressures from the rise in the dollar and US Treasury yields.

And the rise of the dollar increases the price of gold for buyers in other currencies, while the rise in bond yields limits the demand for the yellow metal, which does not yield a return.

And gold fell in spot transactions 0.1 percent to $ 1843.89 an ounce at 0719 GMT, and fell earlier in the session to 1829.24, its lowest level since May 19.

US gold futures fell 0.6 percent to $1,838 an ounce.

On Tuesday, US President Joe Biden met with Federal Reserve Chairman Jerome Powell to discuss the historical rise in inflation that drains US treasuries, but he assured the Central Bank chief that he will not be exposed to any political interference.

As for other precious metals, spot silver rose 0.3 percent to $21.60 an ounce, after hitting its lowest level since May 19 at $21.40 earlier in the session.

Platinum rose 1.1 percent to $975.70, and palladium rose 0.9 percent to $201666.