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Gold prices were subdued on Wednesday as investors remained on guard for the US Federal Reserve’s policy decision and its updated outlook on economy as a surge in fuel prices adds to inflationary pressures.

Spot gold was steady at $1,930.51 per ounce by 0319 GMT, holding below its highest level since Sept. 5 reached on Tuesday. US gold futures eased 0.1% to $1,951.70.

The Fed’s rate-setting policy committee will release a new policy statement and interest rate decision at 1800 GMT, with Fed Chair Jerome Powell scheduled to hold a press conference at 1830 GMT.

“Thus far, real Treasury yields have remained elevated in the lead-up to the upcoming Fed meeting, which reflects broad positioning in place for a hawkish-pause scenario from the Fed and kept gold prices on some caution,” said Yeap Jun Rong, a market strategist at IG.

Fed officials are almost certainly expected to keep interest rates on hold later in the day, but focus remains on the updated economic projections and whether they feel rates still need to rise further before the end of the year.

Surging oil prices have added to inflation concerns and expectations that the US central bank will keep rates higher for longer.

On Tuesday, Treasury Secretary Janet Yellen said US growth needed to slow to a pace more in line with its potential rate to bring inflation back to target levels since the economy was operating at full employment.

Meanwhile, economic growth in developing Asia this year will be slightly lower than previously expected as the weakness in China’s property sector and El Niño-related risks cloud regional prospects, the Asian Development Bank (ADB) said.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% on Tuesday.

Spot silver dropped 0.8% to $23.05 per ounce, platinum fell 0.4% to $935.25 and palladium rose 0.1% to $1,261.15.

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