Ella 
Gold traded in a tight range around $1,960.00 as investors awaited further guidance on Fed policy.
One more rate hike from the Fed is widely expected to bring stubborn U.S. inflation back to 2%.
Differences between Fed officials and investors over interest rate guidance are likely to keep the dollar index nervous.
Gold prices (XAU/USD) were flat on Monday as investors awaited the Federal Reserve’s (FED) interest rate decision for further guidance. Precious metals are expected to remain subdued as the Fed is widely expected to raise interest rates modestly despite softer inflation and loose labor market conditions.
Investors have little doubt that the Fed will raise interest rates to a range of 5.25-5.50%, as core consumer prices (CPI) remain elevated, partly due to the resilience of consumer spending. The Fed’s rate guidance is the catalyst investors are closely watching. Fed officials and investors have been divided over the peak in interest rates this year, with the former saying two more rate hikes are appropriate and market participants expecting the upcoming hike to be the last of the year.
