Speculation is swirling that chair Janet Yellen will remove the word "patient" from the FOMC's post-meeting statement on Wednesday, paving the way for a rate hike in June.
In early Asian trade, spot gold slipped 0.2 percent to $1,155.36 an ounce, but marking a slight rebound from a more than three-month low of $1,147.10 attained last Wednesday after speculation of a sooner-than-expected rate hike sapped appetite for the precious metal.
In the coming months, ANZ remains short on the precious metal, expecting prices to hit $1,100 an ounce.
"Safe haven buying has evaporated [and] we haven't seen strength in the physical market. At the moment, there's a little bit of support from weak equity markets, but we see further weakness coming through," Daniel Hynes, senior commodity strategist at ANZ, told CNBC.
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