Gold prices remained stable on Wednesday as concerns about the crisis in Ukraine boosted demand for safe haven assets, and Federal Reserve officials called for a significant interest rate hike to control inflation.

The potential for global interest rate hikes is suppressing (gold). At the same time, in the face of geopolitical conflicts in Ukraine, the desire for safe havens is supportive, "commented Michael McCarthy, Chief Strategic Officer of Tiger Securities Australia.

In fact, optimism about Ukraine's rapid resolution is beginning to fade. The West plans to announce more sanctions against Russia in the face of worsening humanitarian crises.

Meanwhile, St. Louis Fed Chairman James Bullard called on the central bank to raise its benchmark overnight interest rate to 3% this year to control inflation.

As of 05.58 Greenwich Mean Time, spot gold remained almost unchanged on Wednesday at $1920.84 per ounce. US gold futures remained unchanged at $1921.30.

Looking ahead, Reuters technical analyst Wang Tao said that spot gold may fall to the range of $1891- $1903 per ounce, as the downward trend from the high of $2069.89 on March 8th seems to be continuing.

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