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.


* 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.


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