Gold futures climbed almost $8 an ounce Wednesday to close at their highest level in two months, finding support from strength in crude and some weakness in the U.S. dollar as traders awaited the Federal Reserve's decision on interest rates.
Gold for February delivery climbed $7.80 to close at $652 an ounce on the New York Mercantile Exchange.

Prices only slightly pared gains by the close, after trading as high as $655.50 during the session -- the contract's highest intraday level since Dec. 1.
February gold finished last month at $638 so it ended January with a gain of 2.2%.
Most of the trading volume has now moved to the April contract, which closed up 1.2%, or $7.70, at $657.90 an ounce. It's ended 2.1% above its Dec. 29 close.

"The market continues to march higher and ... the focus remains [on] $675/$676," said Peter Spina, chief investment strategist at GoldSeek.com.

"With oil nearing $60 again and a vulnerable U.S. dollar, we could be nearing another explosive leg higher," he said. "Until that time arrives, gold will be well supported on pullbacks."