 "gold")
By Bharat Gautam
(Reuters) - Gold hit its lowest in two weeks on Wednesday, although prices were range-bound as safe-haven demand for bullion helped offset some sustained pressure from a firmer dollar and elevated U.S. Treasury yields.
A stronger dollar makes bullion more expensive for buyers holding other currencies, while gains in benchmark U.S. 10-year Treasury yields reduce the appeal of zero-yield gold.
Spot gold was last down 0.1% at $1,834.89 per ounce, as of 0719 GMT, after hitting its lowest since May 19 at $1,829.24 earlier in the session. U.S. gold futures fell 0.6% to $1,838.00.
The outlook for interest rates and the dollar, and geopolitical concerns are important factors for gold, and "those competing interests are holding gold in a vice," said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.
U.S. President Joe Biden on Tuesday met with Federal Reserve Chair Jerome Powell to discuss historic inflation that's draining American wallets, even as he assured the central bank chief he would have freedom from political interference.
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Bullion is considered a hedge against inflation and a safe-haven asset during times of political uncertainty, but the Fed hiking short-term U.S. interest rates to fight rising costs increases the opportunity cost of holding gold.
Russian troops fought to take complete control of the eastern industrial city of Sievierodonetsk, as the United States said it will provide Ukraine with advanced rockets to help it force Moscow to negotiate an end to the war.
Spot gold may extend its losses into a range of $1,817 to $1,826 per ounce, as it has broken a support at $1,837, according to Reuters' technical analyst Wang Tao.
Spot silver rose 0.3% to $21.60 per ounce, after hitting its lowest since May 19 earlier in the day of $21.40.
Platinum gained 1.1% to $975.70, and palladium was up 0.9% at $2,016.66.
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
