Gold prices fell below $ 1,700 on the eve of the U.S. central bank decisions on interest rates.

The main event for financial markets on Tuesday will be the U.S. Federal Reserve decision on monetary policy. Expect the central bank will report on plans to leave interest rates at a level close to zero, but does not indicate the possibility of additional stimulus measures.

Since the Fed announced the first phase of quantitative easing in late 2008, gold prices have more than doubled.

Investment demand for gold remains high, as evidenced by the growth of stocks ETF assets to a record high this week. By the end of trading Monday, the largest stock funds reached 70.887 million ounces, up from early March to 361,000 ounces.

April futures price of gold on COMEX has fallen today to $ 1683.3 an ounce.