The gold price rose yesterday as traders waited to see whether the US central bank would start to trim its stimulus measures. Gold was fixed at $1 234.75 an ounce (R409 366 a kilogram) yesterday afternoon in London , up $2.75 from Friday's second fix. US gold futures for February delivery were up $2.30 at $1 237 an ounce. Although no major policy change is expected when Fed officials meet today and tomorrow, most recent US economic data suggest that the beginning of the end of the massive bond buying programme will come sooner rather than later. "Whether tapering might come this week or whether it might come in January or in March, the market is fairly convinced that tapering is coming," David Jollie , an analyst at Mitsui Precious Metals, said. "In that sense, a lot of the impact is built in." Jollie acknowledged that tapering would be negative for gold, but added that it might be "only marginally negative". - Reuters Pretoria News
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