Gold edged up on Thursday, unfazed by the Fed's announcement that interest rates would likely remain high for an extended period of time, in addition, the yellow metal benefited from buying made by safe haven seekers amid the current Middle East turmoil.

Spot gold added 0.3% to %2,045.21 per ounce, meanwhile gold futures dipped 0.2% to $2,062.40 per ounce.

The Fed's remarks sparked a dramatic turnaround in risk-averse markets on Wednesday, especially in equities.

Gold's demand as a safe haven was subsequently boosted by this. Growing demand as the battle between forces commanded by the United States and the Houthi Group, based in Yemen, intensified, also helped the gold.

Surging dollar values, which were around seven-week highs, was a setback for further advances in gold.

Fed Chair Jerome Powell stated that given the persistently high pace of inflation, it was premature for the bank to contemplate lowering interest rates, particularly as early as March.