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Spot gold scaled record high of $3,702.95/oz on Tuesday

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Silver slips over 1%

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Fed meeting concludes at 2:00 PM EDT

(Updates for US morning hours)

By Ashitha Shivaprasad and Anushree Mukherjee

Sept 17 (Reuters) - Gold slipped on Wednesday as

investors locked in profits after prices scaled the $3,700-mark

in the previous session, with the spotlight now on the Federal

Reserve's looming policy verdict.

Spot gold was down 0.4% at $3,676.29 per ounce,

as of 9:10 am ET (1310 GMT), after hitting a record high of

$3,702.95 on Tuesday.

U.S. gold futures for December delivery dropped

0.4% to $3,711.20.

The U.S. dollar inched up after retreating in the previous

session. A firmer dollar makes greenback-priced gold less

appealing to holders of other currencies.

Gold is seeing "some profit-taking pressure from recent

gains ahead of the FOMC meeting... Overall fundamentals and

technicals remain firmly bullish for gold," said Jim Wyckoff,

senior analyst at Kitco Metals.

"The next upside price target for gold is $3,800 and then a

major upside price target down the road would be $4,000."

The most politically charged Fed meeting in years wraps up

at 2 p.m. EDT, followed by Chair Jerome Powell's speech.

Markets are pricing in a quarter-point rate cut.

Focus will also be on whether officials debated a deeper 50

bps cut, as U.S. President Donald Trump's economic overhaul

drive raises fresh questions about the central bank's

independence.

Gold often gains appeal when interest rates fall, as lower

yields reduce the opportunity cost of holding the non-yielding

asset.

Deutsche Bank, while raising its gold price forecasts, said

that even though gold has screened as rich versus fair value,

this is largely driven by strong official demand, which is

expected to persist.

Elsewhere, in key hub India, supplies of used gold jewellery

and coins, typically released when investors book profits, have

been scarce, as many expect prices to continue climbing.

Spot silver slipped 1.9% to $41.76 per ounce,

platinum was down 1.6% at $1,367.70 and palladium

fell 1.5% to $1,158.14.