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NEW YORK (

TheStreet

) -- Gold prices were trading at $1.294.10 an ounce, up $19.80, getting ever closer to the psychologically important $1,300 level.

Gold prices for December delivery on COMEX rose as high as $1,296.50 on Wednesday.

Gold prices have been rising since the

Federal Reserve

said Tuesday it was ready to do more, if needed, to help the U.S. economy.

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Gold prices fell Tuesday settling at $1,274.30 an ounce.

-- Written by Joseph Woelfel

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Joseph Woelfel

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