Gold Stabilizes Ahead of Fed Minutes Amid Middle East Tensions

Gold prices have recovered from Tuesday's losses, rising 0.75% to $4,366 as the US Dollar retreated and long-term US Treasury yields pulled back modestly.

The precious metal has been confined to its recent range, with the 100-day Simple Moving Average capping the upside at $4,381.

Traders are awaiting the release of the Federal Reserve's July meeting minutes for fresh clues on the Fed's interest-rate outlook, which remains uncertain.

The energy shock stemming from the war in the Middle East is keeping inflation risks tilted to the upside, supporting expectations that the Fed may eventually need to raise interest rates.