The yellow-gold metal struggled to gain traction on Wednesday, as investors eagerly awaited the FOMC policy meeting early Thursday morning.
Federal Reserve (Fed) chairman Jerome Powell is expected to renew the central bank's commitment to keep monetary policy loose for the foreseeable future.
The market will focus on Powell’s speech which will likely give an indication of its current policy and this could be a major driver for the gold price movement.
By the start of the European session, gold trading traded slightly lower with prices hovering around $ 1,850 per ounce, while gold futures traded gloomy at $ 1,848 per ounce.
Gold is also seen as failing to take advantage of the opportunity to rise even with the depreciation of the US dollar against other risky currencies today.
Expected delays in the implementation of the US $ 1.9 trillion stimulus package and a positive forecast by the International Monetary Fund (IMF) on global economic growth by 2021, have put pressure on the precious metals trade in the previous session causing it to fall below $ 1,850 an ounce.
