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Gold prices slipped on Wednesday to touch a one-week low, after suffering its biggest single-day loss in nearly a month in the previous session, on a firmer dollar.

"The rise in risk-off sentiment has undermined (gold) prices. This is made worse by the fall in yields and U.S. dollar gains," HSBC analyst James Steel said in a note. "We think gold may be driven lower near-term to closer to $1,310 per ounce," Steel added.

"For now gold remains range-bound in a broad $1,305-1,345 range, with firm support and resistance close to these respective levels," Alex Thorndike, senior precious metals dealer at MKS PAMP Group, wrote in a note. "We believe gold will continue to track this for the interim, with a break of either likely to see momentum build."

Reference: Reuters