Gold inched lower on Wednesday, maintaining a trading range that has been set throughout the previous week as concerns in the market intensified over the timing of interest rate cut this year.

Spot gold slumped by 0.3% to $2,023.92 per ounce, while gold futures dipped by 0.1% to $2,024.65 per ounce.

Gold was struggling after a shaky start of 2024, post slumping previously at $2,000 per ounce as traders started to project an early interest rate cut this year by March.

Gold recovered on increased demand on safe haven, as the conflicts in the Middle East escalated. Amidst this upswing, gold managed to chart a range of $2,000 to roughly $2,050 per ounce throughout the previous week.

Gold prices were also negatively impacted by the dollar's surge, which was trading close to the highest level in six weeks on Wednesday.

Eyes are on GDP figures scheduled to release on Thursday which is projected to indicate slowdown in the US economic growth.