Gold prices held steady on Wednesday as the dollar weakened and traders analyzed the impact of US inflation data on the Federal Reserve's policy decision to be announced later. Spot gold rose 0.1% to $1,945.29 an ounce, while US gold futures remained flat at $1,958.30. The annual increase in the consumer price index was the smallest in more than two years, though inflation expectations remain steady. Expectations are high that the Fed is unlikely to increase its target interest rates in the range of 5% to 5.25%. Meanwhile, global fund managers have cut equity allocations to a five-month low.