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Gold was trading in a narrow range on Wednesday as investors waited for clues on whether the US Federal Reserve would hike interest rates this year.

At the end of the week, Fed Chair Janet Yellen is scheduled to address a gathering of global central bankers in Jackson Hole, Wyoming. Recent hawkish comments from some policymakers have raised investors' expectations that Yellen might also take a less cautious tone.

"Markets are going to be quiet until Friday as everyone is waiting for some clues from Janet Yellen's speech," said Kent Li, deputy incharge for bullion desk, Wing Fung Precious Metals.

"Despite the improving US-centric fundamentals, we expect investors to remain long in gold given the need to insure against wildcards into the year, namely the growth risk from Brexit into 2017 and the upcoming November's US presidential elections," OCBC Bank analyst Barnabas Gan said in a note.

Reference: Reuters