After the start of the session with a morning sell off, gold ended the day slightly higher amid mixed opinions from metal analysts.
The Fed is widely expected to announce more quantitative easing in the upcoming meeting on December 10 and 11.
"This would be an incredibly bullish result for all goods raw especially gold and personally I think it's very likely that the Fed will begin Q4»-says Katrina Stoltz, a senior broker at Special FX.
He goes on to say "the fact that the European Central Bank has slashed its growth forecasts for the European Union is very bullish for gold, and here at Special FX we plan to take full advantage of the opportunity for gains ahead of us."
The news from the ECB helped the dollar index and new demand for safe-haven investments.
Disclosure: Katrina Stoltz and Special FX hold several gold call options with different expiration dates.
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