Prices fell ahead of the Fed's two-day FOMC meeting on Wednesday and as physical markets in China, Singapore, Malaysia and Indonesia are closed for the Lunar New Year.

Back to India, at the Multi-Commodity Exchange (MCX), gold for February delivery contract opened at Rs 27,487 per 10 grams, at 2.30 pm IST it was seen trading at Rs 27,447 per 10 grams down by Rs 63 or 0.23%. Similarly, the metal for April contract down by Rs 37or 0.13% to Rs 27,846.

Spot gold also fell and was seen trading at Rs 27,480.00, whereas Spot silver was at Rs 54,836.00.

While, silver for march delivery rose by Rs 67 or 0.12% at Rs 55,632 and touched intraday high of Rs 55,949.

US spot gold was seen hovering at $1,675 an ounce.