Gold traded lower early Wednesday at around 1,982.
Gold prices traded in a narrow range on Wednesday as investors refrained from making big bets ahead of the U.S. Federal Reserve’s interest rate decision and policy outlook later in the day.
Traders widely expect the Fed to leave rates unchanged at 5.25% to 5.50% this week and are pricing in about a 75% chance of a rate cut in May, according to CME FedWatch Tool.