Gold fell 1% on Wednesday as solid U.S. economic data reinforced expectations that the Federal Reserve will hold interest rates steady at its meeting later in the day, while also increasing the likelihood that rate cuts may be pushed back for the remainder of the year.

Gold prices declined by 1% on Wednesday as solid US economic data reinforced expectations of the Federal Reserve holding interest rates steady for now, dimming the appeal of the safe-haven metal. By midday ET, spot gold traded at $3,292.75 per ounce, falling below the $3,300-an-ounce level for the first time in a month.