April 26(Reuters) - Gold prices stuck within a narrow range on Wednesday as traders strapped in for U.S. economic data for further guidance on the Federal Reserve's monetary policy stance.
Spot gold was little changed at $1,998.50 an ounce by 1115 GMT while U.S. gold futures rose 0.3% to $2,009.50.
The market is awaiting U.S. quarterly gross domestic product data due on Thursday, followed by the reading on the core PCE price index on Friday, ahead of the Fed's May 2-3 policy meeting.
All eyes will be on the tone the Fed strikes at its meeting, said Michael Hewson, chief market analyst at CMC Markets.
"Further weakness in yields should be positive for gold as long as $1,960 holds on the downside, but much will depend on whether the Fed signals a pause (to interest rate hikes) when it makes its decision next week."
Traders are mostly expecting the U.S. central bank to raise rates by 25 basis points.
Gold is considered an inflation hedge and a safe-haven investment in times of economic uncertainty, but rising interest rates dent non-yielding bullion's allure.
U.S. consumer confidence dropped to a nine-month low in April.
"Recessionary fears already seem to be providing a floor for gold prices," said Matt Simpson, a senior market analyst at City Index.
On the physical side, data showed Swiss gold exports to China rose in March while shipments to India and Turkey fell.
Spot silver was down 0.5% at $24.92 an ounce.
A correction in the dollar and a spike in gold prices could attract more safe-haven buying in silver, Geojit Financial Services research head Hareesh V said in a note.
Platinum jumped 1.3% to $1,100.11 and palladium was up 2.2% at $1,516.05.
