Gold traded in a narrow price range on Wednesday, as investors refrained from taking big bets ahead of the U.S. Federal Reserve’s policy decision due later in the day. Spot gold was down 0.1% at $1,925.09 per ounce. U.S. gold futures fell 0.3% to $1,940.50. Gold should hold above $1,900 levels heading into the Fed meeting and the Fed message needs to be heard to grasp bullion’s next likely direction, said Matt Simpson, a senior market analyst at City Index. The Fed’s policy decision is due, followed by a press conference from Chair Jerome Powell. The U.S. central bank is widely expected to scale back rate hikes to 25 basis points (bps) from 50 bps in December. Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset. The Bank of England and the European Central Bank are expected to raise rates by 50 bps on Thursday.