The Federal Reserve held its benchmark lending rate steady following a two-day policy meeting in Washington, but it removed a reference to making progress on slowing inflation, which could signal a longer time frame before the next move lower.

Outside of a U.S. President bending norms, the Fed also faces challenges in achieving its economic objectives. Inflation remains above its 2% target: Its preferred measure is at 2.4%, though core prices — considered a better gauge of where inflation is headed — rose 2.8% in November from a year ago.

Gold was little changed on Wednesday as market participants awaited the U.S. Federal Reserve's interest rate verdict, while also focussing on President Donald Trump's trade policies amid fresh tariff threats.