Gold futures ticked up to one-week highs before closing slightly lower on Thursday, as metal traders remained cautious ahead of a highly-anticipated decision by the Federal Open Market Committee on whether to raise its benchmark interest rate. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a tight range between $1,114.70 and $1,122.40 an ounce, before settling at 1,117.10, down 1.90 or 0.17%. A session earlier the precious metal surged more than $20 an ounce, amid soft U.S. inflation data, marking its strongest one-day move in more than a month. Over the last month of trading, gold is relatively flat, up by approximately 0.50% since August 17. Gold likely gained support at $1,102.10, the low from Sept. 9 and was met with resistance at $1,144.70, the high from Sept. 1. At 2 p.m. EST, the FOMC is scheduled to release its September monetary policy statement, where it could announce that it has decided to lift its benchmark Federal Funds Rate for the first time in nearly a decade. The rate, which banks use to lend to other institutions on overnight loans, has remained at its current level between zero and 0.25% since December, 2008. Last month, Fed vice chairman Stanley Fischer indicated that there is good reason to believe that U.S. inflation will move higher as the temporary forces restraining it from a stronger dollar and falling energy prices continue to “dissipate further.” Inflationary gains last month were muted, however, as the Consumer Price Index ticked up by only 0.2% in August on a year-over-year basis. The U.S. Bureau of Labor Statistics also said on Wednesday that Core CPI, which strips out food and energy prices, rose by 0.1% on a monthly basis, below analysts’ expectations for a 0.2% gain.