Gold prices on Wednesday (28/7) may move in consolidation amid market will focus their attention on the US central bank's policy meeting results this morning.

"The Fed's factor is also the reason for the consolidative movement of gold prices," said Commodity Observer Ariston Tjendra in Jakarta.

However, continued Ariston, volatility could widen after the announcement. If there is an indication of tapering, he said, it may pressure the price of gold into the support area at around U$1,770 per troy ounce.

On the other hand, if the market accepts the affirmation of maintaining the monetary easing policy, the price of gold could strengthen again towards US$1,820 per troy ounce.