2020.01.2918:19:00UTC+00Gold Futures Settle Flat After Lackluster Session

Gold prices edged up slightly on Wednesday after moving in a tight range right through the session.

While lingering worries about the potential impact of the coronavirus spread on the global economy prompted investors to go for the safe-haven asset, a recovery in stock markets and a steady dollar limited its uptick.

The dollar gained modest ground in positive territory, ahead of the Federal Reserve's monetary policy announcement. The Fed is widely expected to hold rates. The central bank's views on the economy and future interest rate moves are likely to set the trend for the market in the near term.

The dollar index was up $0.10 at $98.12.

Gold futures for February ended up $0.60, or 0.04%, at $1,570.40 an ounce.

On Tuesday, gold futures for February ended down $7.60, or 0.5%, at $1,569.80 an ounce.

Silver futures for March ended up $0.029 at $17.487 an ounce, while Copper futures for March settled at $2.5540 per pound, down $0.0255 from previous close.

According to a report released by the National Association of Realtors on Wednesday, pending home sales in the U.S. unexpectedly showed a sharp pullback in the month of December. NAR said its pending home sales index plunged by 4.9% in December after jumping by 1.2% in November. Economists had expected pending home sales to rise by 0.5%.

After the Fed left its key short-term interest rate unchanged in the 1.5% and 1.75% range, gold futures edged down slightly to $1,569.90 an ounce.