Gold futures gave up earlier losses on Wednesday to finish higher after Federal Reserve Chairman Jerome Powell said the central bank would use quantitative easing as a tool against the next economic downturn.
Prices for the metal had been trading lower for much of the session as demand for havens ebbed on signs the spread of COVID-19 in China may be slowing.
Gold for April delivery on Comex tacked on $1.50, or 0.1%, to settle at $1,571.60 an ounce. March silver, meanwhile, shed 10 cents, or 0.6%, at $17.497 an ounce.
In other metals trade, April platinum fell 0.6% to $967.30 an ounce, while March palladium rose 2.5% at $2,322.50 an ounce.
March copper rose 0.7% to $2.60 a pound.