Gold prices fell on Wednesday, deepening losses for the second straight day as profit taking from a 10-week high continued, while the US dollar rose against other major currencies.

Gold prices fell 0.3% to $1,774.23 an ounce, after opening at $1,778.79, and hit a low of $1,783.41.

Gold closed lost 0.8% yesterday, on profit taking from a 10-week high at $1,799.14 an ounce.

The dollar index rose 0.1%, and hit a 2-week high at 91.43 points, which weighs down on demand for gold and other dollar denominated metals.

The greenback is rallying due to investors' risk aversion and after the broad sell-off wave of the US tech stocks, in addition to comments about tightening the US monetary policy.

US Treasury Secretary Janet Yellen said that higher interest rates might be necessary to keep the economy from overheating, albeit she later emphasized that she was not making a recommendation, however, the continued recent comment about tightening the US monetary policy have had an impact on markets that depend on monetary stimulus.

Markets are awaiting a slew of US jobs data this week, which provide key cues on the US growth pace, however, the rising US inflation may force the Federal Reserve to raise interest rates early in 2022, after it was planned to begin tightening monetary policy in 2023.

Gold stocks at the SPDR ETF remained unchanged yesterday, at total of 1,018.20 metric tons.

Oil prices rose on Wednesday, extending gains for the third straight day, and hit a 2-month peak after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.

US crude rose 0.5% to the highest since March 8 at $66.63 a barrel, after opening at $66.28, and hit a low at $66.05, and Brent crude rose 0.7% to the highest since March 15 at $69.86 a barrel, after opening at $69.36, and hit a low of $69.27.

US crude gained 2.8% yesterday, and Brent crude futures rose 2.7%, thanks to hopes of improving demand in the US and Europe after easing lockdown restrictions.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 7.7 million barrels during the week ending April 30, beating forecasts of a drop by 2.5 million barrels.

The total US commercial inventories fell to 491.2 million barrels, the lowest level since the week ending February 26, a positive sign on the US domestic demand.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.9 million barrels.

At 12:15 GMT, the ADP Non-Farm Employment Change reading showed a rise by 742K jobs in April, less than forecasts of 872K jobs, but better than the March's reading of 565K after it was revised from 517K jobs.

Oil prices continued to rise as the US market opened on Wednesday, extending gains for the third straight day, and hit a 2-month peak after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.

US crude rose 0.5% to the highest since March 8 at $66.63 a barrel, after opening at $66.28, and hit a low at $66.05, and Brent crude rose 0.7% to the highest since March 15 at $69.86 a barrel, after opening at $69.36, and hit a low of $69.27.

US crude gained 2.8% yesterday, and Brent crude futures rose 2.7%, thanks to hopes of improving demand in the US and Europe after easing lockdown restrictions.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 7.7 million barrels during the week ending April 30, beating forecasts of a drop by 2.5 million barrels.

The total US commercial inventories fell to 491.2 million barrels, the lowest level since the week ending February 26, a positive sign on the US domestic demand.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.9 million barrels.

The US production fell 100K barrels last week, with a total at 10.9 million barrels per day.