Gold prices fell on Thursday, and pulled back from a 2-week high, as the US dollar rose against most of its rivals, after the US Federal Reserve meeting minutes increased prospects for the near tightening of the US monetary policy.

Gold prices fell 0.75% to $1,774.49 an ounce, after opening at $1,787.57, and hit a high of $1,788.93.

Gold closed higher by 0.1% yesterday, after closing lower by the same percentage the previous day, due to profit-taking from a 2-week high at $1,795.54 an ounce.

The dollar index rose 0.3% today, to head for the fourth straight daily gain against a majority of rivals and hit the highest level in 2021 at 93.50 points, which weighs down on dollar-denominated metals prices. 

The greenback is rising due to high demand as the best available investment, after the US Federal Reserve meeting minutes increased prospects for the near tightening of the US monetary policy.

The minutes of the US Federal Reserve meeting that was held on July 27/28, showed that members of the central bank saw the possibility of easing the bond-buying program this year, if the economy continues to improve.

Gold stocks at the SPDR ETF fell 2.04 metric tonnes yesterday, with the total at the lowest level since April 13 at 1,017.14 metric tonnes.

The US dollar rose against most of its rivals on Thursday, to head for the fourth straight daily gain, and hit the highest level in 2021, after the US Federal Reserve meeting minutes increased prospects for the near tightening of the US monetary policy.

The dollar index rose 0.4% to the highest since November 2020 at 93.50 points, after opening at 93.14 points, and hit a low of 93.13 points.

The US dollar gained less than 0.1% yesterday, due to investors' risk aversion.

The greenback is rising thanks to high demand as the best available investment, after the US Federal Reserve meeting minutes increased prospects for the near tightening of the US monetary policy.

The minutes of the US Federal Reserve meeting that was held on July 27/28, showed that members of the central bank saw the possibility of easing the bond-buying program this year, if the economy continues to improve.

At 12:30 GMT, the US jobless claims reading will be released, which is expected down to 362K in the week ending August 13, from 375K in the previous week.

European stocks dropped more than 2% on Thursday, and hit a 2-week low, while on track for the first daily loss in 3 days, as the US Federal Reserve meeting minutes increased prospects for the near tightening of the US monetary policy.

The Stoxx Europe 600 index fell more than 2% as of 11:15 GMT, and hit the lowest level since August 2 at 463.36 points after it closed higher by 0.2% yesterday.

The energy sector saw the largest loss in Europe today, with a drop of over 2.5%, followed by the mining sector, as the prices of most dollar-denominated commodities and metals fell.

The minutes of the US Federal Reserve meeting that was held on July 27/28, showed that members of the central bank saw the possibility of easing the bond-buying program this year, if the economy continues to improve.

S&P 500 futures fell 0.8% today, and hit a 4-week low ahead of Wall Street's opening, after the index closed lower by 1.1% yesterday, due to profit-taking from its record of 4,480.26 points.

Back to Europe, the Euro Stoxx 50 index fell 2.1%, France's CAC 40 fell 2.5%, Germany's DAX index fell 1.9%, and the UK's FTSE 100 fell more than 2.1%.

US stock indices fell on Wednesday, after the Federal Reserve meeting minutes, amid focus on the pandemic's latest updates. 

Efforts to contain the coronavirus pandemic are continuing around the world, especially after the new highly transmissible delta strain emerged in some countries.

The US prepares to start distributing booster Covid-19 shots to its citizens on September, as the effects of the vaccines started to fade over time.

Former White House health adviser Dr. Anthony Fauci said that evidence of reduced protection started to show up on people who received two vaccine shots due to the dominance of the delta variant.

Otherwise, the Federal Reserve's meeting minutes showed that there were discussions during the last meeting to reduce the size of the bond-buying program this year.

To the oil market, WTI crude September futures fell 1.7% or $1.13, and closed at $65.46 a barrel.

Brent October futures fell 1.1% or 80 cents, and closed at $68.23 a barrel.

As for stocks, Dow Jones fell 1.1% or 382 points, and closed at 34,960, with a day high of 35,356, and a low of 34,943.

S&P 500 fell 1.1% or 48 points to 4,400, after hitting a high of 4,454, and a low of 4,397.

Nasdaq fell 0.9% or 130 points to 14,526, with a high of 14,697 and a low of 14,516.