Gold Price Forecast: XAU/USD plummets to over two-week low amid resurgent US Dollar demand

• Gold price meets with heavy supply on Wednesday and dives to over a two-week low.

• Rising US bond yields boost the US Dollar and contribute to the steep intraday slide.

• A weaker risk tone fails to impress bulls or lend support to the safe-haven XAU/USD. CLICK HERE FOR FREE 80% ACCURATE GOLD & FOREX SIGNALS

Gold price comes under intense selling pressure on Wednesday and tumbles to over a two-week low during the mid-European session. The XAU/USD is currently placed near the $1,970 area, down around 1.75% for the day, and seems poised to extend its recent pullback from over a one-year high touched last week. Resurgent US Dollar demand weighs heavily on Gold price

The US Dollar (USD) makes a solid comeback following the previous day's modest decline and climbs back closer to the weekly high, which, in turn, is seen weighing heavily on Gold price. The messages from Federal Reserve (Fed) officials have been very hawkish lately, supporting prospects for further policy tightening by the US central bank. Fed Governor Christopher Waller said on Friday that a year of aggressive rate hikes "haven't made much progress" in returning inflation to their 2% target and the central bank still needs to move rates higher.