Gold fell on profit taking

Gold prices decline after the previous two sessions grew by more than 5% after the Fed's decision to maintain the program of bond purchases in the existing volumes.

As a result of bond purchases is pumping liquidity of the financial system , which increases the risk of accelerating inflation and tends to weaken the dollar. Some investors view gold as a hedge against the risk of both of these scenarios.

Gold prices were under pressure for most of this year , while investors believed that the Fed may soon shut down its bond buying program . As of the close of trading on the COMEX on Wednesday , gold futures fell by 22 % since the beginning of 2013.

According to investors and analysts, the Fed's decision is likely to mean that observed in this year's fall in gold prices will pause as market participants revise their inflation forecasts .

Although Fed Chairman Ben Bernanke said Wednesday that for the reduction of asset purchases "there is no fixed calendar," it is expected that the central bank in the next 12 months will begin to phase out its program to purchase bonds worth 85 billion dollars a month. When this happens , gold prices are likely to decline , analysts say.

The cost of the October gold futures on COMEX today dropped to $ 1332.00 per ounce.