Gold rangebound as traders await Fed cues

Gold prices stuck within a narrow range on Wednesday as traders strapped in for US economic data for further guidance on the Federal Reserve's monetary policy stance, reports Reuters.
Spot gold was little changed at $1,998.50 an ounce by 1115 GMT while US gold futures rose 0.3 per cent to $2,009.50.
The market is awaiting U.S. quarterly gross domestic product data due on Thursday, followed by the reading on the core PCE price index on Friday, ahead of the Fed's May 2-3 policy meeting.
All eyes will be on the tone the Fed strikes at its meeting, said Michael Hewson, chief market analyst at CMC Markets.
Traders are mostly expecting the US central bank to raise rates by 25 basis points.