Gold prices steady ------

Gold was flat on Wednesday ahead of the Federal Reserve's policy decision, while all eyes will be on Chair Jerome Powell's speech later for guidance on rate path, reports Reuters.

Spot gold was little changed at $1,983.32 per ounce by 1214 GMT. US gold futures ticked lower by 0.1 per cent to $1,992.40.

Bullion prices have pulled back after surpassing the key $2,000 level last week, supported by strong safe-haven inflows due to growing unrest in the Middle East, helping it register its biggest monthly rise since March in October.

This is just a long-overdue consolidation following a very strong rally seen in the past three weeks, and prices could drop to at least $1,952, said Ole Hansen, Saxo Bank's head of commodity strategy.

"Although no change in the interest rates is expected, the focus will be on the Fed's assessment of the US economy and clues to the monetary policy going forward," said Praveen Singh, associate vice president at BNP Paribas' Sharekhan.

Spot silver dropped 1.1 per cent to $22.65 per ounce.

Platinum slipped 1.8 per cent to $916.58, while palladium fell 0.3 per cent to $1,111.81.

"Right now, platinum and silver look relatively cheap compared with gold. Perhaps we could see some additional outperformance in these two metals in the short term," said Saxo Bank's Hansen.