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Gold prices rose slightly on Wednesday and the dollar retreated marginally from three-month highs hit against the euro a day earlier as investors awaited Federal Reserve Chair Jerome Powell's testimony before Congress for any clues on the timing of potential U.S. tapering.
Spot gold inched up 0.4 percent to $1,814.42 per ounce, while U.S. gold futures were up 0.3 percent at $1,815.25 per ounce.
The outlook for U.S. inflation and the speed of the Federal Reserve's future policy tightening are back in focus after overnight data showed U.S. consumer prices last month rose by the most in nearly 13 years.
The consumer price index jumped an annual 5.4 percent in June, coming in well above expectations for a 5 percent increase and triggering rate hike speculation.
The dollar may see bullish bets if Powell suggests that taper is right around the corner.
San Francisco Fed President Mary Daly told CNBC that the time for tapering is drawing near and a strong economic recovery will allow the central bank to slow its asset purchases by late this year or early in 2022.
