On Wednesday, gold prices increased as speculation that the Federal Reserve had finished raising interest rates was stoked by less-than-expected inflation figures.

Spot gold ticked up by 0.2% to $1,966.32 an ounce, meanwhile gold futures added 0.2% to $1,970.00 per ounce

After posting its strongest intraday increase in more than three weeks on Tuesday, the yellow metal continued to advance as the dollar and Treasury yields dropped precipitously amid expectations that the Fed will not raise interest rates any further.

Even yet, investors continued to hold back on gold gains as they shifted their focus primarily to riskier assets, such as stocks and commodities, which saw incredible increases on Wednesday.

Data released overnight indicated that U.S. consumer price index inflation climbed less than anticipated in October, which caused the dollar to linger at nearly two-month lows.

Even though the data was still higher than the Federal Reserve's 2% annual objective, it did indicate some slowing of inflation following August and September's stronger-than-expected data.