Gold futures (GCJ21) edged lower, trading below the key $1730 level, at $1727 per ounce on Wednesday. Investors bid then precious metal lower as they waited on a readout of the FOMC meeting.
Although no policy changes are expected, investors will look for clues on whether there will be any changes to asset purchases and interest rates by the Fed in the months ahead.
With gold being lower, it signals that some investors believe the Fed is beginning to recognize the threat of inflation.
Silver (SIK21) meanwhile traded slightly higher, at $26.05 for May delivery.