dec 14 reuters  gold prices edged lower on tuesday as the dollar firmed ahead of a federal reserve meeting that investors will be watching for an update on the pace at which the us central bank plans to wind down its pandemic stimulus measures spot gold fell 02 to 178260 per ounce by 0923 gmt us gold futures dropped 02 to 178460 the strong us dollar and rising us real interest rates on declining inflation expectations as gauged by breakeven inflation rates are the factors keeping gold below 1800oz said ubs analyst giovanni staunovo market participants will closely track the upcoming federal open market committee meeting to see how the central bank reacts on elevated inflation which will result in likely larger price moves the dollar dxy remained firm limiting demand for bullion for buyers holding other currencies meanwhile us treasury yields ticked up from a oneweek trough touched in the previous session also pressuring gold the fed will begin its twoday monetary policy meeting later in the day it is expected to announce that it is wrapping up bond buying stimulus sooner than previously communicated potentially setting up earlier interest rate hikes next year read more reduced stimulus and interest rate hikes tend to push government bond yields up raising the opportunity cost of holding bullion which bears no interest should the fed step up the gear on tapering this is likely to punish gold prices as the dollar appreciates yields rise and rate hike expectations jump in the meantime support can be found at 1765 and resistance around the psychological 1800 level fxtm analyst lukman otunuga said in a note the european central bank the bank of england and the bank of japan are also scheduled to meet this week read more spot silver dipped 04 to 2221 an ounce platinum edged 02 lower to 92812 while palladium gained 03 to 168577 reporting by bharat govind gautam and asha sistla in bengaluru editing by amy caren daniel