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Gold fell slightly on Wednesday, after touching a near six-week high in the previous session, as the market awaited the U.S. Federal Reserve's policy statement amid concerns about a potential British exit from the European Union.

Fed Chair Janet Yellen is scheduled to address the media after the conclusion of a two-day Federal Open Market Committee (FOMC) meeting later in the day.

The central bank is expected to keep interest rates on hold for at least another month, even as strong retail sales for May suggested that economic growth was gaining steam despite a sharp slowdown in job creation.

Gold is benefiting from mounting investor concern before Britain’s June 23 referendum, which has sparked a slump in global stocks. The metal may hit $1,350 in the days and weeks following an exit vote, Georgette Boele, an analyst at ABN Amro Group NV, said in a report.

“Gold has been stepping up on a combination of lower Fed hike odds and increased haven demand,” Bernard Aw, a strategist at IG Asia Pte, said by e-mail. “Investors are becoming more fearful of Brexit risk as recent polls showed the ‘Leave’ camp is commanding a lead, and the increased uncertainty is driving them to allocate more to safe haven assets, including gold.”

"We expect a hawkish tone from the Fed, which could put the market under some pressure but people are prepared for that. Fed is unlikely to increase rates this month, but we cannot say the same about next month," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Reference: Reuters, Bloomberg