Gold for February delivery on the MCX was trading marginally lower by Rs 20 at Rs 29,440, while Silver on the MCX was trading at Rs 45,662, down Rs 68.
Gold and silver have been moving in a tight range in the last few days. The crucial trigger for the metal would be the FOMC meet which would reveal whether there would be QE3 easing by the Fed or not.
Any QE3 tapering could lead to a decline in gold prices. Gold is heading for its first decline in 12 years, as investors shift their attention to equities.