On Monday, gold prices increased as the dollar fell before the Federal Reserve's closely anticipated announcement

On the New York Comex, the price of gold for June delivery increased $9.30, or 0.5%, to $1,999.80. $2001.20

Some traders pay more attention to the spot price of gold than futures since it represents

As of 15:20 ET, the spot price of gold has increased by $4.32, or 0.2%, to $1,987.96.

From a top of roughly $2,050 on April 13, both spot gold and Comex's most active contract 

However, bulls in the sector anticipate a rise in the next session ahead of the Fed's rate announcement on May 3.

In what would be its ninth rate hike in less than 15 months, the U.S. central bank is projected to raise rates

 which would bring them to a top of 5.25% from a low level of only 0.25%.