On Wednesday, gold prices remained close to a more than one-week high as the dollar dipped after many U.S. Federal Reserve officials said they would not need to raise rates as much in the future due to the recent increase in Treasury yields.

Spot gold steadied at $1,859.43 per ounce post touching a peal since Sept. 29 while futures muted at $1,872.80 per ounce.

The dollar dipped to nearly a two-week trough versus major pairs, tracking a slide in U.S. Treasury yields that have retreated from their 2007 highs scaled last week.

As Middle East concerns fueled safe-haven demand for metal, gold prices rose from recent seven-month lows. However, its next move relies on this week's U.S. inflation data, which is essential to figuring out the Fed's future rate trajectory.

Rate indications will also be looked for in the minutes of the September Fed meeting, which are coming later today.