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• Gold prices traded sideways in a narrow range on Tuesday, with investors in a wait-and-see mode ahead of the outcome of central bank monetary policy meetings.

Spot gold was unchanged at $1,221.24 an ounce at 0340 GMT.

U.S. gold futures were 0.1 percent lower at $1,219.80 an ounce.

• Investors are awaiting U.S. Federal Reserve begins its two-day monetary policy meeting. The central bank is widely expected to stand pat on monetary policy but investors will be looking for clues on the bank's rate hike path.

• "There's no clear direction for investors to really play on, and I suppose until there's a bit more clarity from the U.S. Federal Reserve in particular I think that's going to remain the case," ANZ analyst Daniel Hynes said.

"We could see some support return post the meeting...I'll be looking for a rebound post the meeting, particularly as they're not as hawkish as they have been in the past," Hynes said.

• The U.S. central bank has raised benchmark lending rates twice this year and signalled two more increases by the year's end.

• Meanwhile, the Bank of England is seen raising rates when it concludes a meeting on Thursday.

• Spot gold is biased to fall into a range of $1,206-$1,214 per ounce, Reuters technicals analyst Wang Tao said.

• Among other precious metals, silver fell 0.4 percent to $15.42 an ounce, platinum was nearly unchanged at $824.35 and palladium was 0.2 percent lower at $927.35.

• Technical levels to watch

Any subsequent up-move beyond $1227 level is likely to get extended towards $1231-32 horizontal resistance en-route $1235 supply zone. On the flip side, $1218-17area might continue to protect the immediate downside, which if broken might expose YTD lows, around the $1212-11 region.

• Commodity investors may be watching for fresh clues about the trajectory of central-bank policies, with the Federal Reserve’s two-day gathering set to kick off on Tuesday and other notable policy makers, including those at the Bank of Japan and the Bank of England, also scheduled to offer updates, if not alterations, to their policy strategies.

Those factors could influence trading in gold, which has mostly been locked in a downtrend for the past few months.

“Gold’s price will depend on the US dollar. Pre-FOMC moves are there. Momentum is very bearish for gold. Buyers are waiting for more correction,” said Chintan Karnani, chief market analyst at Insignia Consultants in New Delhi.

He said a further two rate increases by the Fed are likely already factored into the market.