LONDON: Gold prices fell more than 1 percent, dipping in line with other commodities on Wednesday to break below $1,600 an ounce, with investors turning cautious ahead of a Federal Reserve statement on monetary policy later in the session.
Expectations that the Fed might suggest fresh measures to stimulate US growth pushed gold back above $1,600 an ounce earlier this month. If it fails to do so, gold prices may correct sharply.
Spot gold hit a low of $1,594.29 and was down 1.2 percent at $1,597.30 an ounce at 1408 GMT.
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