Gold Hits New High

Gold prices on Wednesday reached a 16-year high for the five days running as investors prepared for the imminent marketing campaign for a fund that will track the price of gold and will be listed on the New York Stock Exchange.

Comex December contract gold futures eased $1.20 at $435 an ounce in New York. Traders awaited an expected decision by the Federal Reserve to raise interest rates. The decision will come shortly after regular trading on the futures exchange ends. Mining shares are following suit, pulling the Philadelphia Gold
and Silver Index down by 0.9 percent.