Gold ticked up on Wednesday, stretching the latest recover as the greenback dipped in expectation of further hints on US interest rate, mainly from Fed’s meeting.

However, the likelihood of higher-for-longer U.S. interest rates cast doubt on gold's prospects, and the yellow metal mostly lingered within a $2,000 to $2,050 per ounce trading range set during the previous month.

Spot gold advanced by 0.3% to $2,029.89 per ounce, while gold futures edged up by 0.1% to $2,040.75 per ounce.

Eyes are now on Fed’s minutes meeting for further hints on the interest rate hike.

During central bank’s meeting, the rates were maintained, but had generally played down predictions of early rate reductions.

Since then, the possibility of early rate cuts has been further priced out by markets due to a run of higher-than-expected U.S. inflation data, which has negatively impacted gold prices.

The yellow metal experienced a robust recovery from two-month lows after momentarily falling below the $2,000 per ounce mark earlier in February.