PRECIOUS-Gold prices range-bound ahead of expected Fed rate cut

* U.S. Fed policy statement due 1800 GMT
* Spot gold may test support at $1,480/oz - technicals

(Updates prices)
By Karthika Suresh Namboothiri
Oct 30 (Reuters) - Gold moved in a narrow range on Wednesday
as cautious investors awaited the U.S. Federal Reserve's
decision on interest rates later in the day while weak equities
lent support.
Spot gold XAU= was up 0.1% at $1,489.05 an ounce at 0750
GMT. U.S. gold futures GCcv1 were up 0.1% at $1,491.40.
"We seem to be at a bit of an equilibrium around here, stuck
between $1,480 and $1,520. If the Fed is more dovish in their
outlook, it could be enough to drive gold higher," said OANDA
analyst Jeffrey Halley.
Investors expect the U.S. central bank to lower interest
rates by a quarter of a percentage point for a third time this
year, according to CME Group's FedWatch tool.
However, only about a 30% chance of another cut in December
has been priced in, compared with about 70% earlier this month.
Muted movement in Asian equities on Wednesday also aided
gold, with MSCI's broadest index of Asia-Pacific shares outside
Japan .MIAPJ0000PUS down 0.16% from Tuesday's three-month high
on reports that an interim U.S.-China trade agreement might be
delayed. MKTS/GLOB
The more than 15-month trade spat between the world's two
largest economies has roiled financial markets around the globe,
making them sensitive to the slightest development negotiations.
"The market is very range-bound with the FOMC (meeting
outcome) around the corner," said Nicholas Frappell, global
general manager at ABC Bullion, adding that the potential delay
in a Sino-U.S. trade agreement is supporting gold and is
expected to do so for some time.
Fears of a possible global recession and economic slowdown
has lent support to bullion. Data released on Tuesday showed
that U.S. consumer confidence fell for a third straight month in
October. Across the Atlantic, Britain is set to hold a December
election after Prime Minister Boris Johnson won approval from
parliament on Tuesday for an early ballot aimed at breaking the
Brexit deadlock. Spot gold could test a support at $1,480 an ounce, with a
good chance of breaking below this level and falling to the Oct.
1 low of $1,458.50, Reuters technical analyst Wang Tao said.
Other precious metals were subdued, with silver XAG=
steady at $17.80 an ounce while platinum XPT= dipped 0.4% to
$916.78 and palladium XPD= firmed by 0.4% to $1,788.52.