Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Monday (Tuesday morning GMT ) , as traders consider the fate of the Federal Reserve's bond -buying program the U.S. ahead of central bank meetings this week .
The most active gold contract for February delivery rose 9.8 dollars , or 0.79 percent , to close at 1244.4 U.S. dollars per ounce .
According to market analysts , gold gains derived from the " short-covering " ahead of the Fed meeting , as well as the statement of the President of the European Central Bank ( ECB ) Mario Draghi recently that the loose money policy of the ECB will continue far into the future .
After the failed stimulus program of monthly trim 85 billion dollars in September , some market analysts predict that the Fed will announce a bond purchase program cuts this week . Traders also have to follow the economic data for clues about the Fed's next steps regarding the stimulus program .
The U.S. central bank will conduct a two-day meeting that begins Tuesday . Generally positive economic figures raised the possibility of a reduction in the stimulus . U.S. economic data released on Monday showed that the index of manufacturing conditions in the New York region recovered slightly in December .
Silver for March delivery rose 49.7 cents , or 2.54 percent , to close at 20.101 dollars per ounce , according to Xinhua .
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