Spot gold fell 0.2% to $1,978.36 per ounce by 0351 GMT on Wednesday, while U.S. gold futures dropped 0.4% to $1,987.00.
Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.
Markets now await the outcome of the Fed's monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday.
"Although no change in the interest rates is expected, the focus will be on the Fed's assessment of the U.S. economy and clues to the monetary policy going forward," said Praveen Singh, associate vice president at BNP Paribas' Sharekhan.
Spot silver dropped 1% to $22.662 per ounce, platinum slipped 0.6% to $927.77, while palladium rose 0.5% to $1,120.91.
Persons:
Alexander Manzyuk Gold, Christopher Wong, Praveen Singh
Organizations:
REUTERS, U.S, BNP
Locations:
Siberian, Krasnoyarsk, Russia, U.S . Federal, Gaza, U.S, China