Gold prices in the European market posted a fresh 10-month high on Wednesday, extending for a fifth consecutive day, supported by weak US currency performance against a basket of global currencies ahead of the latest Federal Reserve minutes, Tightening US monetary policy this year.

Gold prices rose by 0.35% as of 10:50 GMT to trade at $ 1,344.92 per ounce from the opening level of $ 1,340.26, and recorded the highest level of $ 1,346.73 since 19 April 2018 and a low of $ 1,339.33.

Gold prices rose 1.1% on Tuesday, their fourth daily gain in a row, and the biggest daily gains since January 25, supporting the dollar’s slide against a basket of currencies.

The dollar index is trading at a two-week low on Wednesday, reversing the performance of the greenback against a basket of major and minor currencies, which is in favor of higher prices for gold and other metals denominated in US dollars.

Yesterday, the index hit a two-week low of 96.24 points, following a sharp drop in 10-year US Treasury yields to a 11-day low.

The performance of USD ahead of the minutes of the last meeting of the Federal Reserve, which took place on 29-30 January, is issued by 19:00 GMT, and is expected to provide strong evidence on the pace of raising US interest rates during the year.

The meeting kept interest rates unchanged at 2.50% according to most of the financial markets expectations, and the US Central Bank confirmed that it will be patient when raising interest rates this year.