Gold edged up on Thursday, but mostly lingered within a recent trading range as a number of Federal Reserve signals reaffirmed the likelihood of rising U.S. interest rates for longer periods of time.

Spot gold edged up by 0.2% to $2,029.78 per ounce, while gold futures ticked up by 0.3% to $2,039.55 per ounce. 

With the dollar plunging significantly from three-month highs, gold prices witnessed some relief this week. However, since Treasury yields were still near their recent highs, it seemed that the greenback's potential losses were now restricted.

However, more losses in the US dollar now seemed restricted as Treasury rates stayed near to gold, which mostly moved within the trading band of $2,000 to $2,050 per ounce, which was formed over the previous month's recent heights.

While the possibility of higher interest rates hindered further gains in the yellow metal, growing worries about the world's economy deteriorating—particularly as Japan and the UK entered recessions—also capped the metal's downside.