Gold prices rose on Tuesday to rally above a three-week low recorded earlier in the day, on the verge of a first gain in four days, as investment demand levels on safe-haven assets rebound amid renewed concerns about a global economic slowdown.

Gold prices rose by 0.4% as of 10:55 GMT to trade at $ 1,283.88 per ounce from the opening level of $ 1,278.87 and recorded a high of $ 1,284.84 and a low of $ 1,277.43.

Yesterday, gold prices lost 0.1%, the third daily loss in a row, and the lowest level in three weeks at $ 1,276.80 an ounce, as a result of the rise of the US dollar.

Investment demand on safe haven assets, led by precious metals, gold and silver, has rebounded amid renewed concerns over the global economic slowdown, especially after the International Monetary Fund (IMF) cut its outlook for global economic growth in two years.

The International Monetary Fund (IMF) expects the world economy to grow 3.5 percent in 2019, down 0.2 percent from its previous forecast in October and 3.6 percent in 2020, down 0.1 percent from previous estimates.

The reduction was driven by increased market risk, especially trade tensions and uncertainty about Britain’s secession, as well as weakness in Europe and some emerging markets.

Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed fund was unchanged yesterday, with the total remaining at 809.76 metric tons, the highest level since June 29, 2018.