Gold price declined slightly due to decreasing demand for safe-haven assets as global stock markets rebounded.
The Fed Chairwoman Janet Yellen said in her prepared remarks before the House Financial Services Committee that further interest rate hikes will depend on the incoming economic data, adding that interest rate hikes will be gradual.
She noted that there is a risk from developments abroad to the U.S. economy.
"The economic outlook is uncertain. Foreign economic developments, in particular, pose risks to U.S. economic growth," Yellen said.
The Fed chairwoman also said that "financial conditions in the United States have recently become less supportive of growth".
March futures for gold on the COMEX today decreased to 1191.10 dollars per ounce.