1st LD Writethru: Gold down ahead of Fed statement

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. Federal Reserve was expected to make a statement on interest rates after its policy meeting.

The most active gold contract for August delivery fell 4.1 U.S. dollars, or 0.35 percent, to settle at 1,176.80 dollars per ounce.

Gold was under pressure as investors were anticipating announcement from the U.S. central bank after its two-day Federal Open Market Committee meeting, during which regulators would decide when to increase interest rates. An increase in the interest rate puts pressure on gold because it is a non-interest bearing asset.

While the Fed is unlikely to raise interest rates at this meeting, investors were still turning their attention to the U.S. central bank's statement and Fed Chair Janet Yellen's news conference for clues on the timing of a possible rate hike.

Analysts originally believed that interest rates could rise as early as June, but due to worse-than-expected jobs data in March, economists are now predicting the Fed would hike rates for the first time in nearly a decade in September.

Silver for July delivery fell 1.8 cents, or 0.11 percent, to close at 15.947 dollars per ounce. Platinum for July delivery dropped 7.1 dollars, or 0.66 percent, to close at 1,072.70 dollars per ounce. Endite