Gold steadied on Wednesday as the dollar softened, but was still trading around a 5-1/2-year low hit last week as investors awaited the outcome of a Federal Reserve's meeting for cues on the timing of the first US rate rise in nearly a decade.
Policymakers are likely to reaffirm that only consistent signs of a strong US economy and labour market would put them on track to raise interest rates in coming months, analysts said.
For non-interest yielding gold, higher interest rates mean prices could come under pressure.
"We bounced from the low but we are little changed and waiting for the Fed's statement tonight and the second-quarter GDP tomorrow," Societe Generale analyst Robin Bhar said.
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Policymakers are likely to reaffirm that only consistent signs of a strong US economy and labour market would put them on track to raise interest rates in coming months, analysts said.
For non-interest yielding gold, higher interest rates mean prices could come under pressure.
"We bounced from the low but we are little changed and waiting for the Fed's statement tonight and the second-quarter GDP tomorrow," Societe Generale analyst Robin Bhar said.
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