Gold muted on Wednesday, stabilizing from latest choppy trade as markets anticipate Fed’s meeting for more hints on interest rate cut.

Spot gold traded close to $2,159.19 per ounce, while gold futures added 0.1% to $2,162.15 per ounce.

Bullion prices lingered below record peaks touched previously in March. However, they also seemed to have found stability at the $2,150 per ounce.

Now, all attention on the metal markets was directed toward the outcome of the Fed's meeting later on Wednesday, when it is most likely that interest rates would remain unchanged.

However, any indications that it intends to lower interest rates in 2024 are anticipated to propel gold's subsequent rally. Following the meeting, there will be a press conference with Federal Reserve Chair Jerome Powell.

Given that inflation has been reading higher than anticipated for the last two months, the central bank may become more cautious and reduce its forecast for interest rate reductions this year.