Doha: Gold prices hovered near their lowest point in more than one week on Wednesday, under pressure from a stronger US dollar and rising Treasury yield. Spot gold held its ground at $3,301.50 per ounce, while US gold futures fell 0.2% to $3,310.10.

According to Qatar News Agency, the US dollar index steadied after nearing a two-week high late on Tuesday, while the yield on benchmark 10-year US Treasury notes hovered near a three-week high. This contributed to the pressure on gold prices, as a stronger dollar makes gold more expensive for buyers holding other currencies, and higher yields increase the opportunity cost of holding non-yielding bullion.

Additionally, spot silver saw a decrease of 0.5% at $36.58 per ounce, while platinum was down 0.8% at $1,348.78. Palladium also experienced a decline, losing 0.4% to $1,106.29.