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Gold prices were listless on Wednesday as investors eyed next week's U.S. Federal Reserve meeting for confirmation on its interest rate hike trajectory, with a firmer dollar also subduing any gains in bullion.

Spot gold was little changed at $1,771.89 per ounce by 0951 GMT. U.S. gold futures ticked 0.1% higher to $1,784.30.

"The key driver for gold just now is market sentiment towards the U.S. dollar and by extension that is looking to gauge both the outlook for rate increases and perhaps some sign that inflation has been tamed," said independent analyst Ross Norman. 

"The market seems to have become range-bound with the bias towards the downside despite good seasonal physical off take with support seen at $1,760," Norman said, adding the market was likely to thin out as traders square their books into year-end.

Although gold is traditionally seen as an inflation hedge, higher interest rates dim its appeal by raising the opportunity cost of holding the non-yielding asset.

"Gold in the next few trading sessions has more downside risk than upside, prior to the FOMC meeting," said Michael Langford, director at corporate advisory firm AirGuide.

Fed fund futures are now pricing in a 91% chance of 50-basis point (bps) rate increase in December.

The dollar index held steady, capping gains in gold by making it less appealing to overseas buyers. [USD/]

Apart from the final Fed meeting of 2022 scheduled on Dec. 13-14, traders are also looking towards the November Consumer Price Index (CPI) figures for the U.S. due on Dec. 13.

On the physical front, data showed top bullion consumer China held 63.67 million fine troy ounces of gold at the end of November, up from 62.64 million ounces at end-October.

Spot silver rose 0.5% to $22.28 per ounce.

Platinum fell 1.1% to $978.25, while palladium was flat at $1,847.86.