March 20 (Reuters) - Gold prices were stuck in a tight
range on Wednesday as investors refrained from making big bets
ahead of the U.S. Federal Reserve's policy decision and remarks
from Fed Chair Jerome Powell later in the day.
        
    FUNDAMENTALS
    * Spot gold        was up 0.1% at $2,159.50 per ounce, as of
0123 GMT. U.S. gold futures         also edged 0.1% higher to
$2,162.60.
    * Markets focus will be on Federal Open Market Committee's
policy statement due at 1800 GMT, followed by Powell's press
conference at 1830 GMT.
    * The U.S. central bank is expected to hold rates steady,
but traders are awaiting its economic and interest rate
projections for the rest of the year.
    * Last week's U.S. consumer prices index and producer price
index figures came in hotter then expected, reducing hopes
around early Fed rate cuts.
    * Traders are currently pricing in an about 61% chance of a
rate cut from the Fed in June, according to the CME FedWatch
Tool. Lower interest rates also cut the opportunity cost of
holding non-yielding bullion.
    * The dollar        held steady after hitting more than
two-week high in the previous session. A stronger dollar makes
gold more expensive for other currency holders.       
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.48% to 837.35
tons on Tuesday from 833.32 tons in the prior session.          
    * Swiss gold exports in February fell month-on-month, coming
off an eight-year high that was powered by demand ahead of
China's Lunar New Year holiday, customs data showed on Tuesday.
    * Spot silver        gained 0.1% to $24.94 per ounce,
platinum        fell 0.3% to $891.50 and palladium        rose
0.1% to $991.43.
    
DATA/EVENTS (GMT)
0700   UK      Core CPI YY              Feb
0700   UK      CPI YY                   Feb
1500   EU      Consumer Confid. Flash   March
1800   US      Federal Open Market Committee announces
its decision on interest rates followed by statement

 (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry
Jacob-Phillips)