Gold prices rose on Thursday as the dollar fell, reversing the previous session’s significant decline due to uncertainty about the Federal Reserve’s rate-hike path, which was fueled by aggressive language from certain policymakers.

After touching a more than two-week low of $1969.1 the previous session, spot gold climbed 0.5% to $2,003.17 per ounce at 1034 GMT. Gold futures in the United States climbed 0.3% to $2,012.50.

“Gold has performed well in light of the dollar’s recovery, and the path of least resistance appears to be higher,” independent analyst Ross Norman said, adding that gold will be driven by the dollar outlook in the short term.

The dollar index edged 0.1% lower, making greenback-priced gold less expensive for holders of other currencies.

Looking ahead, Norman sees weakness in the dollar as the Fed is close to reaching the end of its tightening cycle, which could benefit gold, which yields no interest.

The CME FedWatch tool shows markets pricing in an 80% chance of a 25 basis-point hike in May, while a Reuters poll found that the rate-hike would be the final one in 2023, with the Fed holding rates steady for the rest of the year.

While core inflation in the United States remained high, and the ECB and BoE were likely to continue raising rates to reduce inflation, that may be the Fed’s way forward as well, according to Peter Fertig, an analyst at Quantitative Commodity Research.

Spot silver was up 0.5% to $25.38 per ounce, platinum was down 0.2% to $1,087.43, and palladium was down 0.6% to $1,606.54.