Gold prices rose on Wednesday to widen their gains for the fourth day in a row, the highest level in eight months, ahead of the Federal Reserve’s results, as investors await more evidence about the future of raising US interest rates this year.

Gold prices rose by 0.2% as of 10:22 GMT to trade at $ 1,314.20 per ounce from the opening level of $ 1,311.72, and recorded the highest level of $ 1,315.92 since 14 May 2018 and the lowest level of $ 1,310.56.

Yesterday, gold prices rose by 0.6%, the third daily gains respectively, as the metal purchases continued as a safe haven, supporting the weak performance of the US dollar against a basket of international currencies.

The Fed concludes its first meeting on monetary policy during 2019, amid full prospects for a stable interest rate unchanged at 2.50%.

US interest rate decision, monetary policy statement will be released by 19:00 GMT, and Federal Reserve Chairman Jerome Powell will speak at 19:30 GMT.

Investors are focusing on the monetary policy statement and Powell’s comments, looking for new evidence for the future of raising interest rates this year, especially as Federal Reserve members, led by Jerome Powell, have become more cautious about the future of interest rates because of mounting signs of a global economic slowdown.

Gold holdings with SPDR Gold Trust The world’s largest gold-backed fund rose yesterday by 8.23 ​​metric tons, the second consecutive daily increase, bringing the total to 823.87 metric tons, the highest since June 26, 2018.