From the UK Telegraph: Gold prices rose to a record high at $1,283.25 an ounce on Monday as worries about the health of the global economy and more quantitative easing in the United States boosted the metal's safe haven appeal.
"There definitely seems to be an upward momentum," said James Moore, analyst at TheBullionDesk.com. "There is technical buying out there and $1,300 still seems to be the target everyone is looking for.
"The debt jitters in Europe seem to be back on the agenda. We've seen a few disappointing releases of data, particularly from the US and again the double-dip scenario has been back in people's minds."
Weak data out of the US on Friday helped push gold to a new all-time high at $1,282.75 an ounce. Underlying US inflation pressures were muted in August and consumer morale hit a 13-month low this month, keeping alive fears of deflation and spurring bets on further monetary easing.
On a thin economic calendar, investors await housing data from the United States for further direction as the session progresses.
The US Federal Reserve was not expected to make any new monetary policy moves on Tuesday, but the post-meeting statement will be closely parsed for signals on the debate about whether further large-scale asset purchases are needed to support the sluggish recovery.
"Rumours that the Fed may be looking to put some more money into the system to stimulate the economy ... obviously that has some inflationary impact further down the line," said Mr Moore.
"The Fed is going to be the key event and looking to the strength and tone of the statement."
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