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Gold prices fell to a near two-week low on Tuesday as elevated U.S. Treasury yields continued to impede zero-yield bullion's appeal, with investors also tracking key talks between Russia and Ukraine.

Spot gold XAU= had dipped 0.5% to $1,914.52 per ounce by 1046 GMT, touching $1,908.91, its lowest since March 16, earlier in the session.

U.S. gold futures GCv1 dropped 1.5% to $1,910.10.

"$1,900 is probably a good support line, regardless of what happens today." ActivTrades senior analyst Ricardo Evangelista said, adding only a concrete de-escalation on the ground in Ukraine would trigger a sharp fall in prices.

Ukrainian and Russian negotiators met in Turkey on Tuesday for face-to-face talks, with Kyiv seeking a ceasefire without compromising on territory or sovereignty. Russia's invasion of its neighbour has gone on for over a month, albeit stalled on several fronts. (Full Story)

Gold is seen as a secure store of value, or safe-haven, during times of political uncertainty.

Yields on the benchmark U.S. 10-year note US10YT=RR firmed near their highest level in close to three years, driving up the opportunity cost of holding gold, which yields nothing. US/

For the same reason, bullion is sensitive to higher interest rates, particularly in the United States.

Gold investors should be a little concerned with the fact that the United States could be moving into restrictive territory, said Stephen Innes, managing partner at SPI Asset Management.

The U.S. Treasury yield curve has been flattening, with parts of it inverting as investors price in an aggressive interest rate hiking plan by the Federal Reserve as it attempts to bring inflation down from 40-year highs. (Full Story) (Full Story)

Gold-backed exchange traded funds are being used to hedge against geopolitical risk, which could evaporate on at least a real indication of peace, Innes added. GOL/ETF

Spot silver XAG= fell 1% to $24.60 per ounce, platinum XPT= eased 1.1% to $973.35, and palladium XPD= dropped 0.6% to $2,220.40.