Gold rose on Wednesday, recovering from the previous day's seven-week low, after Federal Reserve Chair Janet Yellen suggested the central bank was in no rush to raise interest rates.
Her comments weighed on the dollar, supporting gold.
Spot gold was at $1,203, up 0.3 percent, after hitting a peak of $1,211.80 an ounce. U.S. gold futures for April delivery were up $5.50 an ounce at $1,203.
Yellen held back on Tuesday from giving a clear view on when the Fed will begin raising rates. The ensuing rally in precious metals on Wednesday pushed silver up more than 3 percent and palladium to a six-week high.
Yellen said that while the Fed is preparing to consider rate hikes on a "meeting-by-meeting basis", an increase is not likely for at least the next couple of meetings. She is likely to take the same stance when she testifies before the House Financial Services Committee on Wednesday.