Gold price slightly declined ahead of the release of the Fed's monetary policy meeting results later in the day. Analysts expect the Fed to keep its monetary policy unchanged.

A stronger U.S. dollar weighed on gold. The U.S. dollar rose after the release of the U.S. housing market data. The U.S. Commerce Department released new home sales data on Wednesday. New home sales increased 10.8% to a seasonally adjusted annual rate of 544,000 units in December from 491,000 units in November. November's figure was revised up from 490,000 units. Analysts had expected new home sales to reach 500,000 units.

February futures for gold on the COMEX today fell to 1116.10 dollars per ounce.