2018.04.2302:07:00UTC+00Gold Prices Drop to 2-Week Low as Dollar Firms

Gold prices fell to their weakest level in almost two weeks on Monday as the dollar increased amid rising U.S. Treasury yields and while political concerns eased.

Spot gold dropped 0.1 percent to $1,333.71 an ounce, after earlier hitting its lowest since April 10 at $1,331.70.

U.S. gold futures were down 0.2 percent at $1,335.50 an ounce.

The dollar stood near a two-week high versus a basket of major currencies on Monday, buoyed by climbing U.S. bond yields and as concerns eased over global political risks after North Korea said it would suspend nuclear and missile tests, scrap its nuclear test site and pursue economic growth and peace.

Expectations that the Federal Reserve would hike interest rates three more times in 2018 after upbeat U.S. data last week, was also supporting the dollar.

Speculators increased their net long positions in COMEX gold by 5,382 contracts to 143,594 contracts in the week to April 17, according to data from the U.S. Commodity Futures Trading Commission.

Russia's gold reserves stood at 60.8 million troy ounces as of the start of April,the central bank said.

Among other precious metals, spot silver fell 0.4 percent to $17.04 per ounce. Platinum increased around 0.2 percent to $924 per ounce, while palladium climbed 0.3 percent to $1032.70 an ounce.