Gold steadied close to a twelve-week high at $1,120.70 (+0.04%) ahead of the end of the Federal Reserve's two-day policy meeting. No changes are expected this time. Expectations for a rate hike in March have also declined recently. Economists surveyed by Reuters now expect the U.S. Federal Reserve to raise interest rates three times this year rather than four. The central bank of the U.S. needs to consider struggling global economy. Higher interest rates are unfavorable for the non-interest-paying precious metal, that's why a decision to postpone a rate hike would be welcomed by gold investors.

Data showed that China's gold imports rose as investors avoided falling stocks.