Gold Hits Two-Week Low Amid Rising Yields and Strong Dollar

Gold prices hit a two-week low on Wednesday, weighed down by rising US Treasury yields and a stronger dollar.

The precious metal steadied at $4,333.49 per ounce by 0017 GMT after hitting its lowest since August 14 earlier in the day.

Falling below their 200-day moving average, gold prices were under pressure from higher interest rates, which made the metal's lack of yield less appealing to investors.

The US dollar held firm, making gold more expensive for buyers using other currencies, and US Treasury yields advanced amid the escalating Middle East conflict and concerns about rising inflation.