Gold prices ticked higher but traded in a relatively tight range on Wednesday as investors hunkered down for the Federal Reserve's interest rate decision.
Spot gold was up 0.3% at $1,945.55 per ounce as of 0949 GMT, after dropping 2% in the previous session. U.S. gold futures edged 0.3% higher to $1,946.60.
"A 25 bps hike would be neutral for gold," said Quantitative Commodity Research analyst Peter Fertig. Bullion recently hit an one-year high and breached the key $2,000 level in a strong rally driven by safe-haven demand after the collapse of U.S.-based Silicon Valley Bank, which quickly ensnared lender Credit Suisse.
A hawkish Fed could see gold decline, with $1,900 being the next big test below, followed by $1,860, said Craig Erlam, senior market analyst at OANDA, in a note.
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