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Gold prices ticked higher as the dollar slid on Wednesday, after safe-haven bullion retreated from an eight-month high in the previous session on easing fears of a Russian invasion of Ukraine.

Spot gold gained 0.2% to $1,856.83 per ounce by 0836 GMT. US gold futures were nearly steady at $1,857.80.

Gold prices touched their highest level since June last year on Tuesday, before reversing course to close almost 1% lower.

Asian shares rallied after Moscow indicated it was returning some troops to base from exercises.

Looking ahead, the more fungible dollar is the preferred safe haven to gold among core investors and could fall on any further de-escalation in the Ukraine crisis, prompting a rally in gold and vice-versa, said Michael Langford, director at corporate advisory AirGuide.

Gold slips off 8-month high, palladium drops as Russia-Ukraine worries ease

The dollar dipped slightly on Wednesday, making greenback-priced bullion cheaper for buyers holding other currencies.

British consumer prices rose at the fastest annual pace in nearly 30 years last month, reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row.

Elsewhere, the US Federal Reserve will kick off its tightening cycle in March with a 25 basis-point interest rate hike, a Reuters poll found, but a growing minority says it will opt for a more aggressive half-point move to tamp down inflation.

"Besides weekly momentum indicators and buying the 'dip' indicating that the path of least resistance is higher, most traders do expect higher volatility to be a main-stay of gold markets going forth as rumours and market whispers increase," Phillip Futures analyst Avtar Sandu said in a note.

Among other precious metals, spot silver rose 0.8% to $23.53 per ounce, platinum firmed 0.3% to $1,028.28, and palladium climbed 1.7% to $2,286.52.

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