Gold prices have risen, but are still trading in a limited range, as investors took a wait and see attitude on the eve of the two-day meeting of the Federal Reserve's definition of monetary policy, which is due to start today.

Investors switched their attention to the upcoming meeting of the Fed's monetary policy amid speculation that the central bank of the USA can come to a more aggressive formulation.

The dollar was high demand, as the central bank is expected to reduce the amount of the asset purchase program by another $ 10 billion on its way to full completion in October and higher interest rates in mid-2015.

Fed officials will release updated projections for economic growth and rising interest rates during the two-day meeting, extending the forecast horizon to 2017.

Market participants also focused attention at a press conference led by Fed Chairman Janet Yellen, expected on Wednesday, with the aim of finding clues to the timing of the first increase in interest rates in the United States since 2006.

Investors are also awaiting a vote on Scottish independence on Thursday, as the outcome of the referendum is difficult to predict, as polls show mixed results. Support the campaign for full independence could lead to the disintegration of the United Kingdom.

The cost of the October gold futures on the COMEX today rose to 1242.20 dollars per ounce.