Gold almost unchanged ahead of Fed decision

Gold futures on the COMEX division of the New York Mercantile Exchange were almost unchanged Wednesday as traders were waiting for announcement from a press conference to be held by the U.S. Federal Reserve after the wrapping up of its two-day policy meeting later in the day.

The most active gold contract for December delivery fell 0.8 U. S. dollar, or 0.06 percent, to settle at 1,235.9 dollars per ounce.

Analysts say traders are waiting to hear what Federal Reserve Chairwoman Janet Yellen has to say later in the day.

Traders are carefully monitoring the situation in Scotland, where a vote is expected to take place on Sept. 18, to determine whether to remain part of the United Kingdom. This has the potential to increase gold's price, but analysts are unsure about the outcome of the vote and its possible impact.

UK-based Barclays has cut its gold forecast and is increasingly bearish on the precious metal, saying it sees a potential fall in gold's price. Analysts at Barclays say an increase in strength in the U.S. dollar and the potential for a rising interest rate are creating problems for gold, as they are likely to outweigh any rise in physical demand.

Silver for December delivery gained 1.3 cents, or 0.07 percent, to close at 18.734 dollars per ounce. Platinum for October delivery lost 5.1 dollars, or 0.37 percent, to close at 1,362.2 dollars per ounce.