Gold prices fall 2% ahead of US Federal Reserve meet

Gold and silver prices saw a sharp decline after the yellow metal fell 2 percent overnight ahead of the US Federal Reserve meeting this week.

Gold hovered near a four-week low on Tuesday, as some bears looked to book profits, but prices remained largely pressured by a strong dollar and investors dumping bullion to cover for losses in other assets.

Spot gold fell 2.2 percent to $1,829.08 per ounce by 1:45 p.m. EDT (1745 GMT). Gold futures settled down 2.3 percent at $1,831.80.