Gold fell to its lowest level in two weeks on Thursday after the US Federal Reserve's July minutes indicated that more interest increases are in the pipeline to fight inflation.

The bullion was trading at $1,763.07 an ounce as of 12:28pm (UAE time), the lowest since August 4.

The Federal Reserve Board and the Federal Open Market Committee (FOMC) released on Wednesday the minutes of its meeting held in July, in which policymakers agreed on a 0.75 percentage point increase for the benchmark interest

According to the minutes, participants in the meeting reaffirmed their strong commitment to bring the inflation back to 2%, the desired level set by the Fed.

Participants agreed that bringing the inflation down is "necessary for sustaining a strong labour market", the minutes said.

Following the release of the minutes, the US dollar rose against other currencies. The dollar index was up 0.22% at 106.89, the highest since late July, according to Reuters.

(Reporting by Cleofe Maceda; editing by Seban Scaria)