Gold prices traded in a narrow range on Wednesday as some investors stayed on the sidelines ahead of the U.S. Federal Reserve's interest rate decision and policy outlook.
Spot gold was flat at $1,939.59 per ounce, as of 0318 GMT, after dropping 2% on Tuesday. U.S. gold futures edged 0.1% higher at $1,943.50.
Bullion recently rallied as much as 10%, or by about $180, to a one-year high on safe-haven demand after the collapse of U.S.-based Silicon Valley Bank and a crisis at lender Credit Suisse. But prices retreated after the rescue of Credit Suisse whetted risk appetite, although financial system uncertainties remained.told bankers on Tuesday the U.S.
"If we do get higher dots plot, then that represents a still-hawkish Fed that is determined to fight inflation ... a potential hawkish repricing could undermine gold prices."
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