Gold prices fell, in early Wednesday trading, to their lowest level in more than three weeks, with the dollar rising ahead of a Federal Reserve (US Central Bank) decision on interest rates and monetary policy indicators later today.
The dollar rose 0.2 percent against competing currencies, which increases the cost of gold for holders of other currencies.
The Monetary Policy Committee responsible for setting interest rates at the Federal Reserve will issue a statement setting monetary policy and interest rate decisions at 1900 GMT, followed by a press conference by Bank Chairman Jerome Powell at 1930 GMT.
Traders widely expect the Federal Reserve to keep interest rates unchanged in a range between 5.25 and 5.50 percent this week, and they also expect approximately 75 percent to cut interest rates in May, according to CME's FeedWatch tool.
Market traders are also awaiting the monetary policy meetings of the European Central Bank and the Bank of England tomorrow, Thursday.
Change in prices
Gold fell in instant transactions 0.2 percent to $1,975.07 per ounce, by 0711 GMT. US gold futures also fell 0.2 percent to $1,990.10.
As for other precious metals, silver continued its losses for the eighth session and fell 0.6 percent to $22.62 per ounce, platinum fell 0.3 percent to $926.55, and palladium fell 0.7 to $972.95.
