Gold inched higher on Wednesday and the dollar traded flat against major peers in the absence of any potential trigger for further guidance.
Spot gold rose 0.4 percent to $1,929.10 per ounce, while U.S. gold futures were up 0.4 percent at $1,929.15.
Investors are focusing on Fed Chair Jerome Powell’s speech later in the day, which will provide a roadmap of seven rate hikes in 2022.
Earlier this week, Powell suggested in a speech to the National Association of Business Economists that larger increases in interest rates may be needed if inflation does not subside.
Goldman Sachs has pegged the U.S. central bank to hike interest rates in its May and June meetings by 50 basis points each, followed by four 25 basis point hikes into the end of the year.
Concerns about the geopolitical tensions offered some support for the previous metal, with U.S. President Joe Biden expected to impose further sanctions on Russia during his trip to Europe this week.
Biden will meet with other NATO allies in Brussels on Thursday to project a roadmap for a diplomatic solution to the ongoing slaughter of Ukraine by Russia.
Apart from that, the summit of European Union (EU) leaders will also be attended by Biden to discuss the embargo on Russian oil by EU members.