Gold prices were subdued on Wednesday as investors weighed the impact of central bank policy tightening on inflation and economic growth.
Spot gold dipped 0.2 percent to $1,849.55 per ounce, while U.S. gold futures were marginally lower at $1,851.85.
The European Central Bank is set to draw a line under its massive bond-buying stimulus program on Thursday and signal its first-rate hike in over a decade.
Amid increasing signs of inflation, markets are now pricing in 75 basis points of increases by September.
The U.S. Federal Reserve is expected to raise its benchmark funds rate by 50 basis points next week and again in July.
Earlier today, India's central bank raised its key interest rate, the repo, by 50 basis points to 4.90 percent, which was bigger than what economists and markets had expected. The consensus was for a hike to 4.80 percent.
The World Bank and the Organization for Economic Cooperation and Development both slashed global growth forecasts, citing risks from geopolitical uncertainties due to the war in Ukraine and soaring inflation across the world.
