Traders are likely to remain on edge as the Fed is expected to maintain the status quo for a sixth consecutive meeting and deliver a slightly hawkish tone.
The US economic data for Q1 2024, including an annualised 1.6% expansion and a surge of 3.7% in the core PCE price index, has significant implications for gold prices.
Prices pulled off record highs this week as strong U.S. inflation and retail sales data saw investors scale back bets that the Fed will cut interest rates in June.