Gold price traded little changed ahead the release of the Fed's monetary policy meeting results on Wednesday. Analysts expect that the Fed will start raising its interest rate this month.

Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.

Market participants eyed the U.S. consumer price inflation data. The U.S. Labor Department released consumer price inflation data on Tuesday. The U.S. consumer price inflation was flat in November, in line with expectations, after a 0.2% rise in October.

On a yearly basis, the U.S. consumer price index increased to 0.5% in November from 0.2% in October, beating expectations for a rise to 0.4%.

The inflation remains low due to low oil prices.

The U.S. consumer price inflation excluding food and energy gained 0.2% in November, in line with expectations, after a 0.2% increase in October.

On a yearly basis, the U.S. consumer price index excluding food and energy increased to 2.0% in November from 1.9% in October, in line with expectations.

The increase of the consumer price index excluding food and energy was driven by higher prices of rents, airline fares, new motor vehicles and medical care.

The consumer price index is not preferred Fed's inflation measure.

January futures for gold on the COMEX today traded at 1060.00 dollars per ounce.