Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Wednesday, as a statement from the U.S. Federal Reserve indicating the unlikelihood of more quantitative easing policies sent the precious metal downward.

The most active gold contract for June delivery declined 1.5 U. S. dollars, or 0.09 percent, to settle at 1,642.3 dollars per ounce.

Traders on Wednesday kept a close watch on reports from the Fed, as the April meeting of the Federal Open Market Committee was set to conclude in the afternoon.

Wednesday would see three separate Fed releases in total, including a press conference by Fed Chairman Ben Bernanke, but only the Fed statement was released before gold's close for the day. It sent the gold price down to a day low of 1,625 dollars an ounce, as the Fed concluded that the U.S. economy is growing moderately, making investors believe that more quantitative easing policies are unlikely.

The improved economic outlook took away support for gold, as the metal traditionally gains on safe haven appeal in times of economic uncertainty.

Silver for May delivery fell 39 cents, or 1.23 percent, to close at 30.356 dollars per ounce. Platinum for July delivery fell 0.8 dollars, or 0.05 percent, to close at 1,547.3 dollars per ounce.