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Gold prices were subdued on Wednesday as investors looked ahead to more U.S. data this week for clues about the timing of the final rate hike by the Federal Reserve.
Spot gold slipped 0.4 percent to $1,966.40 per ounce while U.S. gold futures were down 0.3 percent at $1,984.85.
The bias for the dollar remains mostly bearish, helping cap the downside for bullion.
CME Group's FedWatch Tool currently indicates a 59.4 percent chance the Fed will leave rates unchanged at its next meeting in early May and a 40.6 percent chance of a 25-basis point increase.
Analysts say that the chances of a Fed pivot are unlikely before the end of the year. The dollar regained some ground today, snapping a two-day losing streak.
Recent worries over a possible banking crisis continued to ease after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.
A report on U.S. pending home sales may attract some attention later today, though trading activity may remain somewhat subdued ahead of Friday's report on personal income and spending for February, which includes a reading on inflation said to be preferred by the Federal Reserve.
