Gold prices edged up on Wednesday ahead of the release of the minutes from the Federal Reserve's latest policy meeting, which could offer more cues on the U.S. central bank's path for interest rate hikes.

Spot gold was up 0.2% at $1,838.29 per ounce, as of 1311 GMT. U.S. gold futures rose 0.3% at $1,847.30.

"The market focus is on the Fed minutes which will be released later today, but if there are concerns about higher inflation or more persisting inflation scenarios, then we could see gold prices potentially facing some headwinds," Bank of China International analyst Xiao Fu said.

The minutes of the Fed's Jan. 31-Feb. 1 meeting are due to be published at 2 p.m. EST (1900 GMT). The Fed raised rates by 25 basis points at that meeting, and is expected to lift its benchmark overnight interest rate above 5% by May, with a peak seen at 5.347% in July.

Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion.

However, considering central bank activity in the second half of last year, "if ... gold prices go below the $1,800 mark in the coming weeks, some central bank purchases could emerge (and are) likely to offset substantial weaknesses," Fu added.

Meanwhile, U.S. business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to data on Tuesday.

Recent strong U.S. economic readings have raised bets for more rate hikes from the Fed, pressuring gold prices which have fallen 4.9% so far this month.

Gold may retest a support of $1,830 per ounce, with a break below possibly opening the way to $1,816, according to Reuters technical analyst Wang Tao.

Among other precious metals, spot silver edged up 0.2% to $21.85 per ounce and platinum gained 1.5% to $957.03.

Palladium shed 0.5% to $1,517.50 per ounce.

(Reporting by Rahul Paswan in Bengaluru; Editing by Emelia Sithole-Matarise and Paul Simao)