Investing.com - Gold and silver prices swung between small gains and losses in rangebound trade on Tuesday, as investors remained cautious ahead of the Federal Reserve's highly anticipated policy meeting due to begin later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,243.40 a troy ounce during European morning trade, down 0.05%. Comex gold prices held in a tight range between USD1,239.50 a troy ounce and USD1,247.50 a troy ounce. Gold futures were likely to find support at USD1,219.50 a troy ounce, the low from December 13 and resistance at USD1,256.50, the high from December 12. The February contract settled 0.79% higher on Monday to end at USD1,244.40 a troy ounce. Meanwhile, silver for March delivery shed 0.1% to trade at USD20.08 a troy ounce. Comex silver prices held in a range between USD19.87 a troy ounce and USD20.22 a troy ounce. Investors remained cautious ahead of the outcome of the Fed’s two-day policy meeting on Wednesday, with some expecting the central bank to announce a small reduction in the pace of its USD85 billion-a-month asset purchase program. Markets were turning their attention to U.S. inflation data due out later in the session amid concerns that the subdued inflation outlook could prompt the Fed to keep its stimulus program in place for longer. Gold is down approximately 26% this year, while silver has lost nearly 35%, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus. Elsewhere on the Comex, copper futures for March delivery inched down 0.1% to trade at USD3.320 a pound. The industrial metal rallied to a six-week high of USD3.335 a pound on Monday after upbeat manufacturing data out of the euro zone and the U.S. boosted optimism over the global economy.

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