Following three consecutive days of losses, gold prices made little movement on Wednesday as investors awaited additional clues from the completion of a Federal Reserve meeting later in the day. In contrast, copper prices benefitted from a reduction in interest rates in China.

Spot gold muted at $1,943.82 per ounce, meanwhile slipped $1,957.00 per ounce.

On Tuesday, weak U.S. inflation data sparked a surge in the majority of risk-sensitive markets on the theory that softening inflation would encourage the Fed to scale back its aggressive approach.

As China slashed interest rates for the first time in ten months to support a faltering economic rebound, risk appetite on international markets also soared.

However, a greater willingness to take risks diminished the allure of safe havens like gold and the dollar, keeping the price of the yellow metal within a narrow trading band.

A delay in rate increases in the future is positive for gold, but as risk appetite rises, the yellow metal may come under further pressure. Given that U.S. inflation remained significantly higher than the central bank's goal range of 2%, some analysts also cautioned that the Fed may yet raise interest rates later in the day.