Gold futures fell more than 100 U.S. dollars on Wednesday, the steepest fall since 2008. The decline came as strong U.S. economic data and expectations of more Federal Reserve stimulus accelerated profit taking from the record high of a day ago. The price of gold bullion is now more than 150 U.S. dollars per ounce, below Tuesday's all-time high of 1911 dollars.

The drop in gold prices comes amid intense speculation about whether the Fed will announce more monetary easing at Friday's symposium. Gold came under pressure after steadying overnight, after a report showing new orders for U.S. durable goods rose 4 percent in July, more than expected and offering hope the ailing economy could dodge a second recession.

However, some analysts are still bullish in the long term, saying gold prices will be backed by the slow global economic recovery and inflation forecast upgrade.

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