Gold investors have gone into wait-and-see mode ahead of an expected interest rate reduction by the Federal Reserve later on Wednesday that will kick off a busy round of policy decisions from leading central banks.

Prices were confined to a narrow range near $1,500 an ounce after a two-day gain following the weekend’s strike against critical oil facilities in Saudi Arabia. The Saudi defense ministry will hold a press conference on the assault that will show evidence of Iran’s involvement, state television reported.

Gold was steady at $1,501.58 an ounce at 7:59 a.m. in London after climbing 0.7% on Monday and a further 0.2% on Tuesday. Prices hit $1,557.11 on Sept. 4, the highest since 2013. Silver fell 0.6% to $17.9048 an ounce.

After the Fed's session, a slew of other top central bank meetings follow as the Bank Of England, Bank of Japan and Swiss National Bank all deliver decisions on Thursday. Last week, the European Central Bank eased policy.

Source : Bloomberg