That is the location for the fuel pump ballast.
Good to see you have a fuel pressure gauge. If that buzzing sound you heard in the cab/wherever was for 2-3 seconds, good chance that was the fuel pump on, when key was cycled from OFF to ON (no cranking). With fuel pressure gauge hooked up, hopefully a trusted pressure gauge, cycle key from OFF to ON. Fuel pressure should read around 39 psi and hold that pressure.