Gold up $6 ahead of Fed meeting

Precious metals prices were higher in New York on Monday.

December gold added $6 to $723.80 per troy ounce after going as high as $728.90 per troy ounce earlier in the session.

The gains came ahead of Tuesday’s meeting of the Federal Reserve, and analysts said the price gain was a bet by investors that the Fed will decide to cut interest rates at the meeting.

December silver was 20 cents higher to $12.90 per troy ounce and October platinum gained $3.40 to $1,302.60 per troy ounce.

Among base metals, December copper added 3 cents to $3.42 per pound in New York, also in anticipation of an interest rate cut, but gains were tempered by a report showing that manufacturing activity in New York dropped back more than had been anticipated in September.

In London base metals prices were mixed, with nickel up but zinc and copper seeing declines.