Spot gold was almost unchanged at $1,311.51 per ounce at 0619 GMT.
USA gold futures for June delivery were slightly changed at $1,320.50, though the weakness in dollar appears to be helping gold prices in Asia, a Hong Kong-based trader said.
Gold futures on the COMEX division of the New York Mercantile Exchange dropped Tuesday to lowest settlement of year, as USA dollar rallies, Treasury bonds yield jumps.
Gold is highly sensitive to rising U.S. rates as these tend to boost the dollar and push bond yields up, adding pressure on the greenback-denominated, non-yielding bullion. A stronger dollar hurts gold by making it more expensive for holders of other currencies, while higher bond yields make non-yielding bullion less attractive to investors.
But higher 10-year Treasury yields, which stayed near highs hit on Tuesday, capped gold's gains, traders said, as the USA dollar came off its highs.
Meanwhile, Asian shares were under pressure after North Korea cancelled high-level talks with Seoul, denouncing military exercises between South Korea and the United States and throwing into question next month's unprecedented summit between Kim Jong Un and U.S. President Donald Trump.
While global political tension continued to provide safe-haven support to the metal, investors said the main price drivers would likely remain a stronger dollar and rising U.S. interest rates.
Daily June Comex Gold
"A lot of people are trying to cover shorts from the break at the $1,316 level".
"Gold's trading range in the first four months between low and high price was the lowest in percentage terms since it was fixed to the dollar in 1971", Turner said.
Gold is likely to fall to $1,275 by the end of June and $1,250 by the end of the year as US yields and the dollar strengthen, said ABN AMRO analyst Georgette Boele.
Technical and momentum indicators suggested that gold could fall to about $1,278, ScotiaMocatta analysts said.
Bullion had suffered its biggest single-day loss since November 2016 when it fell 1.7 percent on Tuesday to below the 200-day moving average and the psychologically significant $1,300-an-ounce level.
In other precious metals, silver was down 0.2 percent at $16.47 per ounce.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only.
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