Gold futures on Wednesday headed lower ahead of a Federal Reserve decision that could set the near-term tone for bullion trading for the next several weeks.

December gold on Comex slipped $3.20, or 0.2%, to $1,510.10 an ounce, threatening to snap a two-day climb for bullion. Gold has mostly been in an up trend, up five of the past six sessions, according to FactSet data.

Silver for December delivery meanwhile, declined by 20 cents, or 1.1%, at $17.940 an ounce, after a 0.6% gain on Tuesday.

All eyes will be on the Fed as its rate setting Federal Open Market Committee releases its policy decision at 2 p.m. Eastern Time. The central bank is widely anticipated to lower rates by a quarter percentage point, but investors may focus on the central bank's communication on the health of the U.S. and global economies and the path of future policy.

Source : MarketWatch