Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The Fed has increased rates twice in 2017 and is still expected to push through three more hikes next year.
Spot gold was down 0.1 per cent at $1,242.18 an ounce at 0755 GMT. That was not far above Tuesday's trough of $1,235.92, which was gold's lowest level since July 20. US gold futures were up 0.2 per cent at $1,243.90 an ounce.
Strong US producer price data had helped lift the dollar to a four-week high on Tuesday, suggesting improving inflation ahead of the outcome of the Fed meeting on Wednesday.
"It's just consolidating here at the moment until the Federal Open Market Committee statement is out. We're expecting a rate hike," the trader said.
Investors will also be focused on the US central bank's statement for clues on further rate increases in 2018.
Higher US rates tend to boost the dollar, making greenback-denominated gold more expensive for holders of other currencies.
"If the Fed comes out of the gate with more hawkish views on the economy and see inflation improving, it could impact the dollar index. Any further strength in the dollar index would push the gold price lower," said Naeem Aslam, London-based chief market analyst at Think Markets. - Reuters
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
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