Gold prices fell to a nearly two-week low after Federal Reserve Chair Jerome Powell struck a hawkish tone, reducing expectations for near-term interest-rate cuts.

The stronger outlook for U.S. interest rates pushed the dollar and Treasury yields higher, making gold less attractive to investors.

Spot gold declined as markets reassessed expectations for the Fed’s monetary policy following Powell’s comments.

Investors are now watching upcoming U.S. economic data for further clues about inflation, employment and the timing of possible rate cuts, CNBC has reported.

The decline in gold reflects growing uncertainty over whether the Fed will ease policy as quickly as previously expected.