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Gold fell toward $1,830 an ounce on Wednesday, hitting its lowest in nearly two weeks and remaining under pressure from a rising dollar and Treasury yields.

The outlook for interest rates and the dollar still present major headwinds for bullion, as investors continue to speculate on how aggressive monetary tightening will need to be to fight inflation.

On Tuesday, President Joe Biden assured Federal Reserve Chair Jerome Powell in a meeting that he would have freedom from political interference while discussing steps to address high inflation.

Minutes of the last FOMC meeting showed that most participants believed that 50 basis point rate hikes would be appropriate at each of the next two meetings.

However, many officials thought big, early hikes would allow room to pause later in the year to assess the effects of that policy tightening, while carefully watching the evolving economic outlook.

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