PRECIOUS-Gold rises from one-week low ahead of Fed minutes release

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Gold fell 2.3% on Tuesday; silver declined more than 5%

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US-Iran reach understanding on "guiding principles"

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January FOMC minutes due at 1900 GMT

(Adds comment and updates prices for Asia mid-session trade)

By Pablo Sinha

Feb 18 (Reuters) - Gold prices rose ?in low market liquidity on Wednesday, rebounding from ?a one-week low hit in the previous session, while markets await the release of the Federal Reserve's January ?meeting minutes for cues into the rate outlook.

Spot gold rose 1.1% to $4,931.61 ?per ounce by 0627 GMT, after declining more than 2% ?on Tuesday. U.S. ?gold futures for April delivery gained 0.9% to $4,950.20.

"Gold prices are taking support above $4,850 today... this is a ?technical bounce" after prices fell in the ?previous session on easing geopolitical tensions, said Ajay Kedia, director at Mumbai-based Kedia Commodities.

Investors are looking out for Fed's January minutes, ?he added.

Investors will also parse the U.S. ?Personal Consumption Expenditures ?report for December, due on Friday, for further indications on where rates might head this year.

Markets currently expect the Fed to cut rates ?in June, per CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate ?environments.

The Fed could approve "several more" rate cuts this year if inflation resumes a decline to 2% target, Chicago Fed President Austan Goolsbee said on Tuesday.

On the other hand, Fed Governor Michael Barr said that another rate cut could ?come somewhere ?well down the road considering ongoing risks to the U.S. ?inflation outlook.

In geopolitics, Iran and the U.S. reached an understanding on Tuesday on "guiding ?principles" for nuclear talks, but that does not mean a deal is imminent, Iranian Foreign Minister said.

Meanwhile, U.S. President Donald Trump is pressing Kyiv to act fast to reach a deal as Ukraine and Russia hold U.S.-mediated peace talks in Geneva.

"I expect rallies to remain capped and bulls to support sell-offs, which should keep gold ranging between $4,700-$5,100 over the ?near term," said Matt Simpson, a senior analyst at StoneX.

Spot silver rose 2.9% to $75.58 per ounce after dropping more than 5% on Tuesday.

Spot platinum gained 2% ?to $2,047.75 per ounce, while palladium added ?2.4% to $1,722.22. (Reporting by Pablo Sinha in Bengaluru; Editing by ?Sumana Nandy and Ronojoy Mazumdar)