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By Shreyansi Singh

Gold fell on Wednesday as an uptick in U.S. Treasury yields weighed on bullion's appeal, while investors awaited speeches by several Federal Reserve officials in the wake of data showing higher inflation.

Spot gold fell 0.3% to $1,739.00 per ounce, as of 10:45 a.m. EDT (1445 GMT). U.S. gold futures were down 0.6% at $1,738.00.

The uptick in bond yields seem to be "adding some very light pressure to the (gold) market," said David Meger, director of metals trading at High Ridge Futures.

But gold's pullback looks more technical in nature with the $1,750 level being both a technical and a psychological level of resistance in the short term, Meger added.

Bullion jumped as much as 0.9% on Tuesday after U.S. consumer prices rose by the most in more than 8-1/2 years in March, kicking off what is expected to be a brief period of higher inflation.

Benchmark Treasury yields recovered slightly, offsetting support for gold from a lower U.S. dollar.

While bullion is considered a hedge against inflation, higher yields challenge that status as they translate into higher opportunity cost of holding bullion.

A tick up of inflation tied with the expectations of the resurgence in demand in the United States is a recipe for higher prices across the board, from equities to commodities, Meger added.

However, gold was supported by comments from Philadelphia Federal Reserve President Patrick Harker who said the Fed will not withdraw its funding just yet even as the U.S. economy could expand by 5% to 6% this year.

"It seems that over the near term there are not many new triggers to substantially move gold prices either way, but the inflation outlook remains the key determinant," said Xiao Fu, head of commodities markets strategy at Bank of China International.

Silver rose 0.3% to $25.41 per ounce and palladium edged 0.2% lower to $2,684.30. Platinum gained 2.3% to $1,182.46.

(Reporting by Shreyansi Singh and Sumita Layek in Bengaluru; Editing by Alistair Bell)