Gold hits lowest since April

Gold bars

Gold prices dropped on Wednesday, amid a rise in the US Treasury yield and the US dollar index to its highest in two months.

Gold futures for August delivery edged down 0.75%, or $17.6, to settle at $2,313.2 per ounce, its lowest since April 2 ($2,302.4).

The dollar index, which measures the performance of the US currency against a basket of six major peers, rose by 0.4% to 105.01 points at 08:53 pm Makkah time. This is the highest level since May 1, when it touched 106.49 points.