Gold prices down pending the outcome of the meetings of the European Central Bank and U.S. Federal Reserve.

The Fed on Wednesday will report results of a two-day meeting. Analysts believe that the central bank will make it clear that he is ready to protect the flagging economy, but will refrain from aggressive action.

On Thursday the European Central Bank will announce the outcome of the meeting from which the markets are waiting for decisive action to save the eurozone.

Stocks of the world's largest gold ETF-secured fund SPDR Gold Trust, on Tuesday rose 3.32 tons, a decrease in July, more than 27 tons.

The cost of the August gold futures on the COMEX today fell to 1594.9 dollars per ounce.