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Gold prices fell sharply on Wednesday as hopes around upcoming trade talks between the United States and China weighed on the safe-haven demand for the precious metal.
Spot gold fell 1.4 percent to $3,383.03 per ounce in European trading while U.S. gold futures were down 1.2 percent at $3,380.44.
Investors' risk appetite improved somewhat on confirmation that trade talks between the U.S. and China would take place this week in the first major talks between the two nations since President Donald Trump sparked a trade war with stiff tariffs on imports.
Additionally, China's central bank and financial regulators have announced sweeping plans to cut key interest rates to support the economy, soften tariff impacts and stabilize markets.
Meanwhile, Treasuries dropped, and the dollar snapped three days of declines before a Federal Reserve meeting later in the day to determine policy amid rising economic uncertainty.
CME Group's FedWatch Tool currently indicates a 96.8 percent chance the Fed will leave interest rates unchanged, but traders will look to the accompanying statement for clues about the outlook for rates.
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