"However, the pace of the gold rally appears to be outpacing fundamentals right now, and the Relative Strength Index (RSI) has entered overbought territory.
"The scope for further declines (in gold prices) may be modest," HSBC analysts said in a note, adding that a decline in yields offers gold a chance to rally.
Spot gold may test a resistance at $1,847 per ounce, a break above which could lead to a gain to $1,876, according to Reuters technical analyst Wang Tao.
Spot gold rose 0.3pc to $1,784.23 per ounce by 1:50 p.m. EDT (1750 GMT), after falling about 0.8pc on Tuesday. U.S. gold futures settled up 0.5pc at $1,784.30.
Barrick's first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
Adjusted profit rose 78% to $507 million in the quarter ended March 31, from $285 million a year earlier, and Barrick announced a 9 cent per share quarterly dividend.
Elsewhere, palladium rose 0.3% to $2,993.71 per ounce after hitting an all-time high of $3,017.18 in the previous session, driven by concerns of a shortage of the metal.