Gold dropped for a fifth day, its longest losing run since February, after the Federal Reserve paused interest-rate increases but signaled it wasn't done with monetary tightening just yet.

The prospect of more rate hikes, generally negative for the precious metal as it doesn't offer interest, saw gold break below the $1,940 to $1,980 an ounce trading range that it's been in this month. The metal is now on track for its lowest close in three months.

Spot gold declined 0.6% to $1,930.86 an ounce by 1:53 p.m. in London, and has fallen about 1.8% in five trading sessions. The Bloomberg Dollar Spot Index was flat after dropping 0.5% in the prior two sessions. Silver, platinum and palladium also slipped.

Source: Bloomberg