On Wednesday, gold prices increased slightly, staying within striking distance of the highest-level hit in three weeks as markets anticipated impending consumer inflation data and gambled that the Federal Reserve would soon reach its peak interest rate level.

Spot gold added 0.1% to $1,933.87 per ounce, meanwhile gold futures advanced by 0.1% to $1,939.00.

Investors moved away from the dollar and toward other rate-sensitive assets, including stocks and commodities, as the Fed's current cycle of interest rate increases appeared to be coming to an end.

The critical June consumer price index (CPI) inflation numbers were currently being eagerly awaited by the markets. Although the figure is anticipated to show that fuel prices eased last month, core CPI is anticipated to have remained stable.

Higher-for-longer rates are anticipated to limit any additional gains in the yellow metal because they raise the opportunity cost of storing gold, which supported the yellow metal when the Fed's rate hiking cycle appeared to be coming to an end.