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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.

The People's Bank of China (PBoC) said in a working paper on Wednesday that it expects the Chinese economy to expand 6.9% this year and 6.8% next year.

The central bank noted that industrial overcapacity, weak demand for Chinese goods and rising non-performing loans from banks weigh on the Chinese economy.

Inflation is expected to be 1.5% year-on-year in 2015, exports are expected to drop 2.9% this year from a year earlier, while imports are expected to slide 14.8%.

According to the working paper, the governments' stimulus measures should take effect from the fourth quarter of 2015 to the first half of 2016.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 4.80 million barrels to 490.7 million in the week to December 11.

Analysts had expected U.S. crude oil inventories to decline by 1.4 million barrels.

Gasoline inventories increased by 1.7 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 607,000 barrels.

U.S. crude oil imports increased by 291,000 barrels per day.

Refineries in the U.S. were running at 91.9% of capacity, down from 93.1% the previous week.

Moody's Investors Service lowered its oil forecasts on Tuesday. The agency expects Brent price of $43 a barrel in 2016, down from an earlier forecast of $53, and WTI price of $40 per barrel in 2016, down from an earlier forecast of $48. Brent and WTI prices are expected to increase $5 per barrel in 2017 and 2018.

"Moody's Investors Service has significantly lowered its price assumptions for Brent crude and West Texas Intermediate crude as continued high levels of production by global oil producers has significantly exceeded growth in oil consumption. The potential lifting of Iranian sanctions could add significant supply to the market in 2016, offsetting or even exceeding expected declines in US production. The rating agency says this will lead to a prolonged period of oversupply that will continue to keep oil prices low," the agency said in its statement.

OPEC Secretary-General Abdullah Al-Badri said on Tuesday that oil prices will not continue to drop as some oil producer will lower its output.

"I saw very high price, I saw low price, and this is one of them. This will not continue. In a few months or a year or so this will change," he said.

Al-Badri noted that OPEC does not target a certain price but is looking for a fair value.

U.S. congressional leaders on Tuesday reached a deal, which would lift the 40-year-old ban on crude oil exports. The deal could help U.S. oil producers to sell oil at a better price in the export market.

The deal would also lead to higher spending on defence and would avert a U.S. government shutdown.

West Texas Intermediate futures for January delivery is currently at $37.11 (-0.64%), while Brent crude is at $38.59 (+0.36%) after gains generated late Tuesday when sources reported that congressional leaders agreed to lift the oil exports ban, which lasted for 40 years. The House and Senate need to pass this bill and U.S. President Barack Obama must sign it. This deal could help the U.S. reduce its crude oil inventories.

Investors await the Fed's interest rate decision and crude inventories data from the Energy Information Administration.

Gold climbed to $1,064.60 (+0.28%) ahead of the end of the Fed's two-day policy meeting. The central bank of the U.S. is widely expected to raise rates to a range of 0.25%-0.50% from 0%-0.25%. Higher rates increase the opportunity cost of holding the non-interest paying precious metal and reduce demand for it. Bullion has already lost 9% of its price this year.

Analysts say that gold might plunge after the rate hike, but rebound this loss in the short-term period as the hike is expected.

(raw materials / closing price /% change)

Oil 36.74 -1.63%

Gold 1,060.40 -0.11%