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PRECIOUS-Gold falls 1.8 pct after Fed's policy statement

* Gold drops further after Fed says to revamp guidance

* Bullion under pressure as Ukraine tensions ease

* Bullion on track for biggest one-day fall since Jan. 30

(New updates throughout with details from Fed statement)

NEW YORK/LONDON, March 19 (Reuters) - Gold fell 1.8 percent on Wednesday after the Federal Reserve dropped the U.S. unemployment rate as its definitive yardstick for gauging economic strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates.

The U.S. central bank also said that dropping a promise to hold rates steady "well past the time" the U.S. unemployment rate falls below 6.5 percent did not indicate any change in the Fed's policy intentions.

It also proceeded with its well-telegraphed reductions to its massive bond-buying stimulus, announcing it would cut its monthly purchases of U.S. Treasuries and mortgage-backed securities to $55 billion from $65 billion.

"Gold's appeal as an inflation hedge is not as strong after the Fed's moves. It was already down on the reduction in geopolitical risk, so the combination of the two is pretty powerful," said James Steel, chief precious metals analyst at HSBC.

Earlier in the session, gold came under pressure after Russian President Vladimir Putin signed a treaty on Tuesday making Crimea part of Russia again but said he did not plan to seize any other regions of Ukraine.

Spot gold fell 1.8 percent to $1,331.80 an ounce by 2:27 p.m. EDT (1927 GMT), on track for its biggest one-day fall since Jan. 30.

U.S. COMEX gold futures for April delivery settled down $17.70 at $1,341.30 an ounce, with trading volume about 10 percent above its 30-day average, preliminary Reuters data showed.

2:27 PM EST LAST/ NET PCT LOW HIGH CURRENT SETTLE CHNG CHNG VOL US Gold APR 1341.30 -17.70 -1.3 1331.10 1360.20 160,361 US Silver MAY 20.826 -0.036 -0.2 20.525 20.965 45,973 US Plat APR 1451.70 -10.00 -0.7 1449.20 1468.50 11,790 US Pall JUN 768.20 -3.20 -0.4 763.35 774.15 4,337 Gold 1331.80 -23.84 -1.8 1331.25 1359.65 Silver 20.640 -0.130 -0.6 20.530 20.940 Platinum 1446.50 -4.00 -0.3 1449.00 1465.00 Palladium 761.25 -3.25 -0.4 764.00 771.50 TOTAL MARKET VOLUME 30-D ATM VOLATILITY CURRENT 30D AVG 250D AVG CURRENT CHG US Gold 184,106 167,787 185,073 17.76 0.00 US Silver 47,989 70,412 58,188 28.2 0.66 US Platinum 15,388 13,361 13,154 18.91 -0.79 US Palladium 4,369 7,880 5,667 21.98 -2.29

(Additional reporting by Lewa Pardomuan in Singapore; Editing by William Hardy and Stephen Powell)