09:33 AM EDT, 05/01/2024 (MT Newswires) -- Gold edged higher early on Wednesday as the dollar steadied and treasury yields were mixed ahead of the end of the Federal Reserve's two-day policy committee meeting that is expected to leave interest rates unchanged.

Gold for June delivery was last seen up US$3.80 to US$2,306.70 per ounce, sticking above the US$2,300 mark following a correction after closing at a record US$2,413.80 on April 19.

The Federal Open Market Committee will wrap up its two-day meeting on Wednesday afternoon, with no change to interest rates expected. The focus will be on the group's outlook for the timing of rate cuts, with hopes for a speedy reduction fading as inflation sticks above the central bank's 2% target while economic data continues to show the U.S. economy is running hot.

"The market does not expect any change to the policy rate so everything will be about the details at the press conference," Saxo Bank said. "The market is clearly leaning towards higher-for-longer and potentially no rate cut."

The dollar edged down ahead of Fed Chair Jerome Powell's afternoon press conference. The ICE dollar index was last seen down 0.02 points to 106.2.

Treasury yields were lower, bullish for gold since it offers no interest. The U.S. two-year note was last seen paying 5.019%, down 3.1 basis points, while the yield on the 10-year note was down 4.2 basis points to 4.645%