Gold prices rose on Tuesday as investors anticipate a third cut in U.S. interest cuts for the year at the Federal Reserve's meeting taking place today which will likely send the dollar lower and boost appeal in precious metals.

With a lower interest rate, the country's currency depreciates, leading investors to prefer trading with safer assets such as gold.

In midday trading, prices were narrowly mixed in the futures markets for agricultural products, industrial metals and precious metals. Before today, gold climbed 28 percent this year, and the euro rose 11 percent against the dollar.

Gold futures for February delivery rose $3.60, or 0.44 percent, to $817.10 an ounce at 13:38 p.m. on the Comex division of the New York Mercantile Exchange. The metal rose 1.7 percent yesterday, the most in two weeks.

Investment Gold Precious metal