Gold prices fell on Wednesday, March 27, due to a stronger dollar, but the yellow metal traded in a narrow range as investors awaited more evidence of the US Federal Reserve's policy.
Spot gold fell 0.1% to $2,176.29 an ounce, while U.S. gold futures fell 0.1% to $2,175.20 an ounce.
The dollar index rose 0.2% against a basket of major currencies, making gold more expensive for holders of other currencies.
Gold prices have risen more than 5% so far this year and hit a record high last week, supported by rising bets on a dovish shift by the US Federal Reserve, continued demand for the precious metal as a safe haven and central bank bullion purchases amid geopolitical tensions.
Federal Path
The Fed left interest rates unchanged at a range of 5.25% to 5.5% last week, and maintained its forecast for three cuts by the end of the year.
Investors are now awaiting the US core personal consumption expenditures price index data due on Friday to see when the Fed might start cutting interest rates.
According to FedWatch, traders see a 72% chance that the Fed will start cutting rates in June.
Other precious metals
As for other precious metals, silver settled in spot transactions at $24.42 per ounce, platinum fell 0.1% to $902.15, and palladium fell 0.6% to $988.15.
