Gold prices settled in Europe on Wednesday in a limited range of trading, with investors reluctant to build new positions in anticipation of the Federal Reserve’s monetary policy statement, which is expected to contain strong evidence about the possibility of raising US interest rates two more times this year.

Gold prices are trading at $ 1.222.35 per ounce from $ 1.223.37 and $ 1,224.81, the lowest of $ 1,219.88.

Gold ended yesterday’s trading up 0.25%, rebounding from a two-week low of $ 1,214.01 an ounce recorded earlier in the trading session.

Over the course of July, the yellow metal lost 2.3%, its fourth monthly loss in a row, among the longest monthly loss series since September 2013, driven by a strong dollar rally against a basket of currencies and weak demand for the metal as a safe haven and alternative investment.

The Federal Reserve will conclude its day-to-day meeting to determine monetary policy and interest rates appropriate to the growth of the world’s largest economy. Most expectations are that interest rates will remain flat, with little change at 2%. Monetary policy by 18:00 GMT.

Investors are focusing on the monetary policy statement, which is expected to contain strong evidence about the possibility of raising interest rates for another two times this year, and these possibilities have risen recently after the semi-annual testimony of Federal Reserve Chairman Jerome Powell to Congress.

Powell said he sees the United States on a path of rapid economic growth for many years and has reduced the risks to the world’s biggest economy from the escalating global trade conflict.

Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed index fund remained unchanged for the fourth day in a row, remaining at 800.2 mt.