The price of gold is reduced by the weakening of tension around the situation in the Crimea, and pending the outcome of the meeting of the Federal Open Market Committee Federal Reserve .

 " Reducing the cost of gold continues from the beginning of the week. One of the reasons - is selling due to stabilization of the situation around the Crimea, which supports risk appetite . On the other hand , low inflation and positive statistics from the United States put pressure on prices , "- said Commerzbank analyst Daniel Brizmann .

A day earlier, the U.S. Labor Department reported that annual inflation slowed in February to 1.1 % from 1.6 % in January , on a monthly basis , consumer prices increased by 0.1%. Analysts had expected a slowdown in consumer prices up 1.2% year on year and monthly inflation at 0.1% .

Brizmann also noted that currently market participants focused on the meeting of the U.S. Federal Reserve 's monetary policy , the results of which will be announced later on Wednesday .

It is expected that the U.S. Federal Reserve will continue to reduce the asset purchase program and slash it to $ 10 billion - to $ 55 billion

The Fed is expected to leave its key interest rate near zero , but the change may signal further action plan.

The cost of the April gold futures on the COMEX today dropped to $ 1338.10 per ounce.