Gold price decreased slightly ahead of the release of the Fed's interest rate decision. The results are scheduled to be released tomorrow at 18:00 GMT. Market participants were cautious.

According to analysts' forecasts, the Fed will not raise its interest rate in September due to concerns over a slowdown in the global economy and low inflationary expectations in the U.S.

The interest rate hike by the Fed could weigh on gold price. Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.

October futures for gold on the COMEX today declined to 1114.90 dollars per ounce.