Spot gold prices increased by 0.2%, reaching $4,886.69 per ounce early Wednesday. This came after a 2% drop to a one-week low on Tuesday. U.S. gold futures for April stayed steady at $4,904.50. The U.S. dollar remained strong amid geopolitical risks and investors awaited the Federal Reserve's January meeting minutes for clues on future interest rate cuts. A strong dollar usually makes gold more expensive for holders of other currencies. Markets expect three quarter-point Fed rate cuts this year, according to CME's FedWatch Tool. Gold, which does not yield interest, often performs well when interest rates are low. Meanwhile, Iranian Foreign Minister Abbas Araqchi said Iran and the U.S. agreed on key guiding principles in their nuclear talks, but a full deal is not yet near. In other diplomatic efforts, Ukraine and Russia completed the first day of U.S.-mediated peace talks in Geneva, with U.S. President Donald Trump urging Ukraine to reach a quick resolution to the four-year conflict. Meanwhile, spot silver fell 0.8% to $72.86 per ounce after a sharp 4% drop in the previous session. Spot platinum rose 0.9% to $2,025.80 per ounce, and palladium was up 0.5% at $1,690.54. Key economic data expected includes UK CPI and US durable goods reports, with the Fed set to release January meeting minutes later Wednesday.