Gold gained on Wednesday, as a slight pullback in US dollar and Treasury yields helped bullion stabilise near a key $1,900 level as investors wait for guidance from major central bankers on the interest rate trajectory.

Spot gold firmed 0.1% at $1,900.09 per ounce by 0324 GMT, drifting further away from the five-month lows hit last week. US gold futures rose 0.1% to $1,928.60.

The dollar index was below the two-month highs, while a rally that took US Treasury yields to nearly 16-year highs took a pause, giving some respite to the non-yielding gold.

The annual Jackson Hole Symposium in Wyoming later this week will be monitored for any hints on how high can interest rates go, with a particular focus on Federal Reserve Chair Jerome Powell’s speech on Friday.

“Powell’s comments are expected to provide hints on the Fed’s thinking about the 2% inflation target and whether that target needs to be reviewed against the current backdrop of still elevated core inflation,” said Harshal Barot, a senior consultant at Metals Focus.

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“If he does hint about a higher target, that could mean interest rates may not need to move any higher from here.”

The Fed must be open to the possibility that the economy will begin to reaccelerate rather than slow, with potential implications for their inflation fight, Richmond Fed President Thomas Barkin said on Tuesday.

Recent robust US economic data has raised bets the Fed will keep rates higher for longer, reducing appetite for gold as reflected in holdings of bullion-backed exchange traded funds (ETF).

SPDR Gold Trust, the world’s largest gold-backed ETF, said holdings fell 0.5% on Tuesday, sliding back to their lowest levels since mid-January 2020.

In other metals, spot silver gained 0.4% to $23.49 per ounce and platinum added 0.1% to $920.04. Palladium steadied at $1,260.23.