Gold nears 2-week low

SJC gold price fell 0.07% to VND68.75 million ($2,817.04) per tael Wednesday morning.

Gold ring price dropped 0.26% to VND57.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were pressured on Wednesday and traded near their weakest levels in a month touched in the previous session as the U.S. dollar firmed on the back of a higher-for-longer interest rate scenario.

Spot gold was flat at $1,900.49 per ounce, hovering near its lowest since Aug. 23 touched on Tuesday. U.S. gold futures eased 0.1% to $1,918.20.

The dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer U.S. rates.

Higher interest rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield interest.