Gold prices were little changed on Wednesday as the markets focused squarely on the Federal Reserve’s monetary policy decision later in the day along with insights on its plans for the coming year.

Spot gold was mostly unchanged at $2,644.97 per ounce by 0459 GMT.

US gold futures were flat at $2,660.10.

The Fed began its two-day policy meeting on Tuesday, with a focus on its updated economic projections and the dot plot, which could give more clues into the interest rate trajectory through 2025 and 2026.

US retail sales increased more than expected in November, adding to warmer inflation readings in recent months and suggesting that the central bank could pause its easing cycle in January.

Markets see a 95.4% chance of a quarter-point rate cut at this meeting, but only expect a roughly 16% chance of a reduction in January, according to CME’s FedWatch tool.

“We could be looking at a stronger gold price by the day’s close after the Fed’s announcement. The market may have priced out too many cuts for next year so if the Fed implies two cuts, that could benefit gold for a pop higher,” Matt Simpson, a senior analyst at City Index said.

On the policy front, the Bank of Japan, Bank of England, Riksbank, and Norges Bank are expected to deliver their policy verdicts later this week.

Chile’s central bank cut its benchmark interest rate by 25 basis points to 5.00% on Tuesday, extending an easing cycle that began last year.

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Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also closely monitoring key US GDP and inflation data set to be released later this week for additional insights.

Spot silver was down 0.6% at $30.36 per ounce, platinum slipped 0.1% to $937.87, while palladium inched up 0.1% to $935.37.