Prior to the end of a Federal Reserve meeting scheduled amid the day, gold prices on Wednesday maintained a narrow range, while copper prices declined a bit following promises of additional Chinese stimulus that had previously driven sharp rises.

Spot gold steadied at $1,965.56 per ounce, meanwhile gold futures edged up by 0.2% to $1,966.75 per ounce.

This week, the price of gold fluctuated as a result of the upcoming Fed meeting. Markets were cautious about the central bank announcing any additional rate hikes for the year, even though it is generally expected to increase interest rates by 25 basis points (bps) later in the day.

Over the previous month, gold experienced a significant comeback as dismal U.S. economic data, notably inflation, encouraged wagers that the Fed will have little room to continue raising interest rates.

Fed anticipated 25 bps increase, uncertain outlook with the currency strengthening recently, markets looked to have priced in a 25 basis point increase, but the Fed's position on further rate hikes remained unclear.