Sushil Finance expects gold, silver prices to trade on the negative note plans to raise U.S. interest rates sooner than expected and expectations for a stronger U.S. currency in the longer run likely to keep Bullion market under pressure.

Gold rose on Tuesday as a weaker dollar and rallying crude oil prices prompted bullion investors to cover bearish bets ahead of a closely watched policy statement by the Federal Reserve.

On the other hand, silver outperformed gold, as a technical indicator showed Tuesday's gains sent the white metal out of oversold conditions. However, MCX gold was supported by weak Rupee in the late session.

The Fed opened its two-day meeting earlier in the day, with an announcement scheduled for Wednesday. Some analysts believe the Fed could signal it may begin raising rates sooner than mid-2015, the current consensus target.

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