Investing.com - Gold prices were little changed on Wednesday, as investors remained cautious ahead of the outcome of a highly anticipated Federal Reserve meeting later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,229.00 a troy ounce during European morning hours, down 40 cents, or 0.03%.
A day earlier, prices fell to a two-week low of $1,222.20, before recovering to settle at $1,229.40, up 10 cents, or 0.01%.
Futures were likely to find support at $1,222.00, the low from October 15, and resistance at $1,255.60, the high from October 21.
Also on the Comex, silver futures for December delivery dipped 3.8 cents, or 0.22%, to trade at $17.18 a troy ounce.
Market players looked ahead to the outcome of the Fed's policy meeting later in the day, at which it is widely expected to announce the end of its bond-buying stimulus program, known as quantitative easing.
Investors will be scrutinizing the Fed's statement for wording that reflects expectations that interest rates will remain on hold near zero levels for some time to come.
The dollar index, which tracks the performance of the greenback against a basket of six major rivals, was steady at 85.44.
The dollar weakened against the other major currencies on Tuesday after a report showed that U.S. orders for long lasting manufactured goods were unexpectedly lower for the second successive month in September.
The Commerce Department said U.S. durable goods orders fell 1.3% from a month earlier, missing expectations for a 0.5% increase.
The greenback subsequently pared back losses after another report showed that U.S. consumer confidence jumped to the highest level in seven years this month.
The Conference Board said its consumer confidence index rose to 94.5 from a revised 89 in September, beating forecasts.
Elsewhere in metals trading, copper for December delivery inched up 0.3 cents, or 0.1%, to trade at $3.093 a pound.