Gold rises from one-week low ahead of Federal Reserve Minutes

Gold prices rose on Wednesday, rebounding from a one-week low hit in the previous session as markets await the release of the Federal Reserve's January meeting minutes for hints about the rate-cut outlook.

Spot gold XAU= rose 1.1% to $4,929.69 per ounce by 0414 GMT, after declining more than 2% on Tuesday. U.S. gold futures GCcv1 for April delivery gained 0.9% to $4,949.20.

"Broadly speaking, $4,700 to $5,100 will be a broad range for the entire year," said Jigar Trivedi, a senior research analyst at IndusInd Securities.

After January's FOMC minutes that are due later today, investors will parse the U.S. Personal Consumption Expenditures report for December, due on Friday, for further indications on where rates may head this year.

Markets currently expect the Fed to cut interest rates in June, per CME's FedWatch Tool. FEDWATCH

Non-yielding bullion tends to do well in low-interest-rate environments.

The U.S. Federal Reserve could approve "several more" interest rate cuts this year if inflation resumes a decline to the central bank's 2% target, Chicago Fed President Austan Goolsbee said on Tuesday.

On the other hand, Fed Governor Michael Barr said that another central bank interest rate cut could come somewhere well down the road considering ongoing risks to the U.S. inflation outlook.

In geopolitics, Iran and the U.S. reached an understanding on Tuesday on "guiding principles" for talks around Iran's nuclear programme, but that does not mean a deal is imminent, Iranian Foreign Minister Abbas Araqchi said.

Negotiators from Ukraine and Russia also concluded the first of two days of U.S.-mediated peace talks in Geneva on Tuesday, with U.S. President Donald Trump pressing Kyiv to act fast to reach a deal to end the four-year conflict.

Spot silver XAG= fell 2.2% to $75.05 per ounce after dropping over 5% in the last session.

Spot platinum XPT= gained 2% to $2,049.42 per ounce, while palladium XPD= added 1.9% to $1,714.64.

-Pablo Sinha/Reuters