(REUTERS)
Gold prices rose over 1% on Wednesday, rebounding from a more than one-week low hit in the previous session.
Spot gold gained 1.4% to $5,157.30 per ounce as of 0453 GMT. US gold futures for April delivery added 0.8% to $5,165.80.
On Tuesday, bullion fell more than 4% to its lowest since February 20, weighed by a firmer dollar and dimming rate-cut prospects as inflation concerns were intensified.
Investors expect the US Federal Reserve to hold rates at the end of its next two-day meeting on March 18, according to the CME Group's FedWatch tool.
Spot silver advanced 3.1% to $84.61 per ounce on Wednesday, after falling more than 8% in the last session. Spot platinum added 2.1% to $2,126.50 per ounce, while palladium gained 1.6% to $1,673.38.