Gold prices steadied on Thursday maintaining a range set over the previous week, with markets speculating over the precise timing of Fed’s interest rate reduction.

Spot gold advanced by 0.3% to $2,036.89 per ounce, meanwhile gold futures steadied at $2,048.65 per ounce.

The price of gold remained within the previous week's range of $2,000 and $2,050 per ounce. Although the Fed's dovish signals helped the gold burst above the $2,000 per ounce mark, it was unable to sustain its gains as traders began to doubt the Fed's intention to decrease interest rates sooner rather than later and as risk appetite increased.

Due to the fact that inflation is still far higher than the Fed's 2% target, a number of Fed members also cautioned that speculation about an early rate cut from the central bank was unduly hopeful.

Their remarks prevented any significant gains in gold the week and helped the dollar bounce back from almost five-month lows.

A revised estimate of the third-quarter GDP was scheduled for release later in the day, and investors were also anticipating a plethora of other economic data this week. The US economy is doing well, which provides Fed more leeway to maintain higher interest rates for longer.