Gold hits close to 2-week low as US bond yields, greenback agency

Gold costs hit a close to two-week low on Wednesday, as rising Treasury yields and a strengthening US greenback continued to sap demand for greenback-priced bullion.

FUNDAMENTALS

* Spot gold was down 0.2% at $1,834.09 per ounce, as of 0044 GMT, its lowest since Could 20. US gold futures fell 0.6% to $1,838.20.

* The greenback index steadied after gaining on Tuesday, making bullion costlier for patrons holding different currencies. [USD/]

* Benchmark US 10-year Treasury yields rose, decreasing the enchantment of zero-yield gold. [US/]

* Gold costs fell about 1% within the earlier session, and recorded a second consecutive month of declines in Could.

* US President Joe Biden on Tuesday met with Federal Reserve Chair Jerome Powell to debate historic inflation that`s draining American wallets, at the same time as he assured the central financial institution chief he would have freedom from political interference.

* Bullion is taken into account a hedge in opposition to inflation, however the Fed climbing short-term US rates of interest to struggle rising prices raises the chance value of holding it, as gold itself yields no curiosity.

* SPDR Gold Belief, the world`s largest gold-backed exchange-traded fund, stated its holdings fell 0.1% to 1,068.36 tonnes on Tuesday from 1,069.81 tonnes on Friday. [GOL/ETF]

* Spot silver dipped 0.1% to $21.2 per ounce, and platinum fell 0.1% to $963.48, whereas palladium firmed 0.1% to $2,000.79.

DATA/EVENTS (GMT)

0130 Australia Actual GDP QQ, YY SA Q1

0145 China Caixin Mfg PMI Remaining Could

0600 UK Nationwide home worth MM, YY Could

0750 France S&P World Mfg PMI Could

0755 Germany S&P World/BME Mfg PMI Could

0800 EU S&P World Mfg Remaining PMI Could

0830 UK S&P GLBL/CIPS Mfg PMI Fnl Could

0900 EU Unemployment Fee April

1345 US S&P World Mfg PMI Remaining Could

1400 US ISM Manufacturing PMI Could

1800 US Federal Reserve points the Beige E book of financial situation

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