Gold prices rose marginally in Asian trade on Wednesday, seeing little support from safe haven demand as recent comments from Federal Reserve officials saw markets second-guess expectations for interest rate cuts.

Gold ticked up on Wednesday, buoyed a bit by safe haven demand as the latest remarks from Fed officials drove markets to consider a second projections for rate trims.

The yellow metal witnessed an inch up in safe have demand during this week as the tension between Israel and Hamas escalated and ceasefire negotiations did not show any positive results.

However, the safe haven was countered by resurfaced worries of peaked interest rate and recovery in the greenback.

Spot gold ticked up by 0.2% to $2,317.70 per ounce, while gold futures muted at $2,325.40 per ounce. Spot prices lingered over below a record peak touched earlier by the end of April.

Prices of gold was not buoyed enough from the latest drop in the greenback, as the US dollar recovered on Tuesday as Fed officials decided that the central bank will likely maintain rate status during this year.