Gold Up to $1,235.55 an Ounce Before Fed Announcement

Gold rose slightly on Wednesday before the U.S. Federal Reserve ends its two-day meeting and makes any announcement regarding the future of its stimulus program. Spot gold prices were at $1,235.55 an ounce this morning, Reuters reported, a rise of $2.47 from the previous session. Gold futures for February delivery also increased $2 to $1,232.10 an ounce.

Some analysts say the Fed will not announce a tapering of the stimulus today. That optimism helped to boost gold prices this morning, according to the source.

However, tapering in 2014 could drag the precious metal down to an average of $1,220 an ounce next year, Bloomberg reported. Global gold mine production may also increase next year, which could impact gold prices.