Price movements
Spot gold fell by 0.3 percent to $2,272.79 per ounce by 12:11 GMT, after hitting a record high of $2,288.09 earlier in the session.
Analysts attributed the slight decline in gold prices to a rise in US bond yields.
US gold futures increased 0.5 percent to $2,293.20.
Strong purchases from central banks and flows into safe havens amid escalating geopolitical risks have contributed to an increase in gold’s gains by about ten percent since the beginning of the year.
Policymakers at the US Federal Reserve said on Tuesday that they believe it would be “reasonable” to cut US interest rates three times this year, although recent strong economic data has raised investors' doubts about this outcome.
Investors are currently awaiting Federal Reserve Chairman Jerome Powell's statements later on Wednesday, searching for signs of the date of the first interest rate cut.
Gold tends to rise when interest rates are low, which reduces the opportunity cost of holding the non-yielding yellow metal.
As for other precious metals, silver rose in spot transactions 0.8 percent to $26.33 per ounce, platinum increased 0.8 percent to $925.95, and palladium settled at $1,003.50.
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