Gold Prices Rise in Advance of Fed Announcement, Elections


Gold prices

jumped in early Tuesday trading in advance of a Federal Reserve meeting and U.S. elections before leveling off and finishing the day slightly higher than Monday's levels.

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Gold futures for December rose 0.5% from Monday to $1356.80 an ounce at 4:40 p.m. Eastern time, after touching in intraday high of $1,357.10.

Precious metal prices have been rising all year as investors look for a safe haven amid fears of currency volatility. Gold is perceived as a safe investment as countries look to boost economy by using monetary policy to increase liquidity and cut borrowing costs.

Prices rose today as a Federal Reserve meeting began. Analysts expect the U.S. Central Bank to put more money into the economy. Tuesday's advance was moderate, however, possibly because of already historically high prices.