* Spot gold was flat at $1,932.16 an ounce, at 0020 GMT.
* US gold futures rose 0.2% to $1,932.50.
* Investors focus on estimates for U.S. fourth-quarter GDP growth on Thursday.
*Traders are mainly pricing that the Fed will raise rates by 25 basis points (bps) from Jan. 31 to Feb. 31. 1 policy meeting, after slowing its pace to 50 basis points in December, following four consecutive increases of 75 basis points.
* Lower interest rates tend to benefit bullion, by lowering the opportunity cost of holding the non-performing asset. * India should cut import duties on gold to undermine smugglers who have offered deep discounts as illicit imports soar after COVID-19, squeezing market share from banks and refiners, India has been told Reuters government and industry officials.
* Commodities are expected to generate “higher total returns” in 2023 and should again outperform other asset classes, due to a fundamental shift in the global macro landscape and low stocks, Goldman Sachs analysts said.
* Spot silver lost 0.2% to $23.40 an ounce, platinum rose 0.1% to $1,047.78 and palladium gained 0.2% to 1,707.83 $.