Gold little changed as investors await Fed meeting

Gold futures on the COMEX division of the New York Mercantile Exchange were almost unchanged on Tuesday, as investors looked ahead to the results of a two-day policy meeting of the U.S. Federal Reserve to be concluded on Wednesday.

The most active gold contract for December delivery rose 0.1 U. S. dollars, or 0.01 percent, to settle at 1229.4 dollars per ounce.

Economic data came out mixed for the gold. The U.S. Commerce Department said Tuesday that U.S. new orders for manufactured durable goods in September decreased 1.3 percent, missing market forecast of a 0.5-percent increase. The worse-than-expected data contributed to the rise in gold, analysts said.

However, the Richmond Fed's October manufacturing report topped expectation, with the index increasing by six points to 20 and new orders rising eight points to 22, which analysts believed has checked gold's growth.

Meanwhile a report from the U.S.-based Conference Board, which showed consumer confidence at a new recovery high of 94.5 in September, also added pressure to gold.

Silver for December delivery gained 6.5 cents, or 0.38 percent, to close at 17.226 dollars per ounce. Platinum for January delivery gained 11.8 dollars, or 0.94 percent, to close at 1266.3 dollars per ounce.