Gold under pressure in Asia

Gold added to overnight losses to hover near $1,180 an ounce on Wednesday as investors waited for a Federal Reserve statement for clues on the timing of a US interest rate hike. Spot gold had eased 0.2 percent to $1,179.01 an ounce by 0655 GMT after dipping 0.4 percent in the previous session. Platinum fell to a six-year low of $1,068.75, while palladium dropped to its lowest since March 31.
All eyes will be on the Fed's statement due at 1800 GMT after the Federal Open Market Committee's two-day policy meeting. Fed Chair Janet Yellen's news conference will also be monitored for pointers to the timing of the coming rate rise. Bullion has not made much headway in recent months because of uncertainty over the timing of the rate rise, which would reduce demand for non-interest-paying assets.