The greenback and Treasury yields declined on Wednesday, supporting gold prices marginally, but attention was still focused on the Jackson Hole Symposium later in the week.

Spot gold advanced by 0.2% to $1,901.31 an ounce meanwhile gold futures added 0.2% to $1,929.55 per ounce.

This week, the dollar rise stalled around two-month highs, while Treasury rates modestly declined after touching over 20-year highs, providing some comfort for the yellow metal.

Due of fears over rising U.S. interest rates, spot prices were able to recapture the $1,900 per ounce mark on Tuesday. Despite this, the prognosis for the yellow metal remained gloomy.

The Jackson Hole Symposium speech by Federal Reserve Chair Jerome Powell on Friday had the markets' full attention at this point.

Analysts cautioned that Powell might herald a period of higher U.S. interest rates, particularly in light of the persistently sticky inflation and the robust labor market.

Despite a rebound this week, gold prices were still close to five-month lows, and analysts anticipate that the yellow metal's recovery would be fleeting as long as U.S. rates continue to rise.