Gold rose on Wednesday, recovering from the previous day's seven-week low, after U.S.
Federal Reserve Chair Janet Yellen suggested the Fed was in no rush to raise interest rates.
Her comments weighed on the dollar, supporting gold. Spot gold was at $1,201.74 at 1446 GMT, up 0.2 percent, after hitting a peak of $1,211.80 an ounce. U.S. gold futures for April delivery settled up $4.20 an ounce at $1,201.50.
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.
"Yellen's comments yesterday suggesting the Fed will look at interest rates one meeting at a time were seen as providing less certainty of when an interest rate hike will be," Citi analyst David Wilson said.
