2017.12.1302:41:00UTC+00Gold Prices Steady as Fed Meeting Outcome Eyed

Gold traded within a range on Wednesday after notching its lowest in almost five months during the session earlier, as investors turn their focus on the outcome of a two-day meeting of the U.S. Federal Reserve.

Spot gold was steady at $1,243.78 per ounce, after hitting its lowest since July 20 at $1,235.92 in the session earlier.

U.S. gold futures rose 0.3 percent at $1,245.60.

U.S. stock futures, Treasury yields and the dollar dropped on Wednesday as Democrat Doug Jones beat Republican Roy Moore in a bitter U.S. Senate race in Alabama, dealing a political blow to Trump in a race marked by accusations of sexual misconduct against Moore.

The U.S. central bank hiked benchmark interest rates twice so far this year and analysts say a third hike is nearly certain, by 25 basis points to between 1.25 and 1.50 percent, at the conclusion of its meeting later on Wednesday.

Markets will also be focused on the U.S. Fed's statement for clues on any further rate hikes in 2018.

Spot gold could increase to a resistance at $1,250 an ounce before falling again, as it has stabilised around a support at $1,239, Reuters technicals analyst Wang Tao said.

In other precious metal, silver fell 0.1 percent at $15.71 per ounce, trading near a five-month low of $15.61 notched overnight.

Platinum climbed 0.2 percent to $878.20 per ounce, after hitting its weakest since February 2016 at $868.80 in the session earlier. Palladium dropped 0.2 percent at $1,010.50 per ounce.