FX.co ★ Gold Corrects After Tuesday's CPI-triggered Rally

Gold prices corrected on Wednesday after Tuesday's CPI-led rally that saw Gold Futures rise to $1825.50, from $1792.30 a day earlier.

Markets are in the meanwhile anxiously awaiting the outcome of the Fed's interest rate decision later in the day. The European Central Bank and The Bank of England are also slated to announce interest rate decisions on Thursday.

Gold Futures for February Settlement plunged 0.52 percent to $1,816.05. Prices oscillated between $1,816.05 and $1,824.70.

Spot Gold also shed 0.31 percent to trade at $1,805.11 per troy ounce. The day's range has been between $1,804.88 and $1,813.20.

Gold prices have plunged despite a weakness in the Dollar post the release of CPI data from the U.S. on Tuesday.