Investing.com - Gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy later in the session.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.06% at $1,193.60, up from a session low of $1,191.00 and off a high of $1,203.00.
The February contract settled down 1.11% at $1,194.30 on Tuesday.
Futures were likely to find support at $1,187.80 a troy ounce, Tuesday's low, and resistance at $1,225.00, Monday's high.
The Federal Reserve is not seen raising interest rates until 2015, but many investors bet Wednesday's statement will scrap language suggesting that borrowing costs will remain low for a considerable amount of time.
Expectations for more hawkish language supported the greenback, which tends to trade inversely with gold.
Elsewhere, investors shrugged off lackluster inflation data.
The Department of Labor reported earlier that the U.S. consumer price index fell 0.3% last month, outpacing estimates for a decline of 0.1% and down from a flat reading in October.
Consumer prices were 1.3% higher on a year-over-year basis, just shy of expectations for a 1.4% reading after a 1.7% increase in October.
Core consumer inflation, which strips out volatile food and energy components, was up 0.1% from a month earlier and rose at an annual rate of 1.7%. Economists had forecast a monthly increase of 0.1% and an annual gain of 1.8%.
Elsewhere, silver for March delivery was up 0.70% at $15.863 a troy ounce, while copper futures for March delivery were up 0.38% at $2.869 a pound.