Gold price showed a correction ahead the release of the Fed's monetary policy meeting results. Analysts expect the Fed to raise its interest rate by 25 basis points to 0.50% or to the range 0.25% - 0.50% from 0.00% - 0.25%.

Market participants will closely monitor the Fed's statement and a speech by the Fed Chairwoman Janet Yellen for hints for the pace of further interest rate hikes. Yellen and Fed officials said several times that it will raise its interest rate gradually.

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

January futures for gold on the COMEX today traded at 1074.70 dollars per ounce.