Gold Rises to $1,287.30 per Ounce Ahead of Fed Meeting

On Tuesday morning, gold rose 0.5 percent, to $1,287.30 an ounce, according to Reuters. Meanwhile, US gold futures for February delivery rose $8.10, to $1,287.50 per ounce.

The past two sessions have brought a 1.6-percent drop for the yellow metal, but equities and the dollar both eased Tuesday. The US Federal Reserve is about to enter a policy meeting, the results of which are expected to reveal new information about when interest rates will rise.

“The FOMC (Federal Reserve’s Federal Open Market Committee) meeting could give a bit of a boost if the Fed acknowledges the global … headwinds and that inflation is not a problem,” Societe Generale (EPA:GLE) analyst Robin Bhar told Reuters.