Gold traded steady as investors took a wait before the application of the Federal Reserve later in the session.

Market participants are prepared for the results of the meeting of the Federal Reserve monetary policy, by definition, later on Wednesday amid speculation that the central bank of the USA can use more aggressive rhetoric.

The Fed is expected to reduce the amount of the asset purchase program by another $ 10 billion on its way to full completion in October and higher interest rates in mid-2015.

Investors are also focused attention at a press conference led by Fed Chairman Janet Yellen, which may give further hints on the timing of the first since 2006, rising interest rates in the United States.

Gold prices slightly responded to a report showing that the consumer price index in the United States fell in August for the first time in 16 months.

United States Department of Labor announced that consumer prices fell by 0.2% last month, compared with estimates of growth at 0.1%. The annual calculation of consumer prices in July rose 1.7% in August, below expectations of 1.9% and 2% lower than July.

The consumer price index excluding food and energy remained unchanged in August compared with the previous month, confounding expectations for a gain of 0.2%. Core CPI in July rose during the year by 1.7% in August compared with the projected 1.9%.

Investors are also awaiting a vote on Scottish independence on Thursday, as the outcome of the referendum is difficult to predict, as polls show mixed results. Support the campaign for full independence could lead to the disintegration of the United Kingdom.

The cost of the October gold futures on the COMEX today kept in the range of 1233.20 - 1239.1 dollars per ounce.