According to Jinshi, Angel One analyst Saish Dessai said in a report that gold prices may rise amid dovish remarks from some Federal Reserve policymakers and escalating geopolitical tensions in the Middle East.

Fed's Goolsbee said there will be plenty of rate cuts in the next 12 months, while Fed's Kashkari noted the actual path will depend on incoming data.

Meanwhile, concerns about a widening conflict in the Middle East boosted demand for safe-haven gold, Dessai said. He sees support for spot gold at $2,565-2,604 an ounce and resistance at $2,695-2,738 an ounce.