Gold steadied at just below $1,100 an ounce on Wednesday, trading not far from a 5-1/2-year low, as investors awaited the outcome of the US Federal Reserve's meeting for more signs on the timing of this year's interest rate increase. After last week's rout, gold was stuck in narrow ranges ahead of the conclusion of the Fed's policy meeting later in the day.
"We still remain somewhat cautious about gold over the short-term, and suspect that the dollar could start to push higher over the balance of the week, possibly triggered by Wednesday's upbeat Fed policy statement," INTL FCStone analyst Edward Meir said. Spot gold was up 0.3 percent at $1,098 an ounce by 0630 GMT.