Gold prices fell on Wednesday, deepening losses for the second straight day, on profit-taking from a 2-week high, while the US dollar rose against most of its rivals, ahead of the Federal Reserve's meeting minutes. 

Gold prices fell 0.2% to $1,783.24 an ounce, after opening at $1,786.02, and hit a high of $1,793.81.

Gold closed lower by 0.1% yesterday, the first loss in 5 days, after it hit a 2-week high at $1,795.54 an ounce.

The dollar index rose 0.1% today, to head for the third straight daily gain against a majority of rivals, which weighs down on dollar-denominated metals prices. 

This US dollar rose thanks to high demand, as investors shy away from risk assets due to concerns over the coronavirus pandemic in China and other Asian countries

At 18:00 GMT, the Federal Reserve will release the minutes of its last meeting later today, during which confirmed it will continue its dovish approach in supporting the economy until the inflation and employment targets are achieved.

Gold stocks at the SPDR ETF fell 3.49 metric tonnes yesterday, with the total at the lowest level since April 29 at 1,017.14 metric tonnes.

The US dollar rose against most of its rivals on Wednesday, to head for the third straight daily gain, ahead of the Federal Reserve's meeting minutes. 

The dollar index rose 0.1% to 93.17 points, after opening at 93.1 points, and hit a low of 93.05 points.

The US dollar gained 0.55% yesterday, due to investors' risk aversion.

Rising Covid-19 cases in Asia and most parts of the world, and the mounting geopolitical tensions after the Afghan government collapsed and the Taliban taking over Afghanistan, forced investors to avoid risky assets and to focus on safe havens.

The Chinese authorities started on Tuesday to tighten control over the tech sector, and published detailed rules aimed at tackling unfair competition and data security.

At 18:00 GMT, the Federal Reserve will release the minutes of its last meeting later today, during which confirmed it will continue its dovish approach in supporting the economy until the inflation and employment targets are achieved.

Oil prices rose on Wednesday, rising for the first time in 5 days, following a drop in the US crude inventories according to the API's preliminary data, and ahead of the EIA's official report.

US crude rose 0.9% to $67.22 a barrel, after opening at $66.65, and hit a low at $66.43, and Brent crude rose 1.25% to $69.78 a barrel, after opening at $68.92, and hit a low at $68.88.

The US crude lost 1.3% yesterday, and Brent crude fell 0.8%, in the fourth straight daily loss, due to demand concerns in China.

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 1.2 million barrels during the week ending August 13, while analysts forecast a drop by 1.1 million barrels.

The total US commercial inventories fell to 438.5 million barrels, which is the lowest level since the week ending February 7, 2020, in a positive sign of the US domestic demand.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.5 million barrels.

The US dollar rose against most of its peers on Tuesday, as the release of weak economic data in the US crippled investors' risk appetite.

The monthly US retail sales index reading fell 1.1% in July, missing forecasts of drop by 0.2%. 

The core reading (excluding car sales) fell 0.4%, missing forecasts of -0.2%.

Federal Reserve Chairman Jerome Powell stated during an online event today that the coronavirus pandemic will result in an extraordinary generation capable of considering what in life is truly important.

The dollar index rose against a basket of major currencies by 0.5% to 93.1 points as of 19:37 GMT, after hitting a high of 93.1 points and a low of 92.6 points.