Gold is dropping from its highest level in two weeks

Gold fell 1% today, to fall from its highest level in more than two weeks, as the rise in US Treasury yields and the rise in the dollar undermined the appetite for the safe-haven metal.

Spot gold fell 0.9% to $ 1728.51 an ounce by 1139 GMT, after touching its highest level since March 1 at $ 1755.25.

However, US gold futures rose 0.2% to $ 1739.90 an ounce.

The yield on the US benchmark 10-year Treasury rose to 1.74% for the first time since January 2020, while the dollar advanced 0.3% against competing currencies.

As for other precious metals, palladium rose 2.4% to $ 2,631.09 an ounce, extending its rise to its highest level since the second of March last year.

Silver fell 0.7% to $ 26.15 an ounce, while platinum fell 0.5% to $ 1207.47.

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