Federal Reserve decision on interest rates due later.

Gold futures traded at a one-month high on Wednesday, briefly pushing back above $1,300 an ounce, while the dollar moved in the other direction as investors sought refuge amid growing uncertainty over the U.S. presidential election

A decision on U.S. interest rates is due at the conclusion of the U.S. Federal Reserve’s two-day meeting Wednesday afternoon. The meeting is not expected to deliver any change in policy, but could shed some light on the possibility of a rate increase at the end of the year. Such a hike could be negative for gold prices.

Gold extended gains modestly after Automatic Data Processing said private-sector employers added 147,000 jobs last month, the slowest pace for May. The ADP data is used by economists to get a feel for monthly jobs data, although it isn’t always a reliable guide. Economists surveyed by MarketWatch expect Friday’s official jobs report to show that nonfarm payrolls rose 169,000 jobs in October.

Gold for December delivery GCZ6, +1.27%  rose $10.20, or 0.8%, to $1,298.20 an ounce after trading as high as $1,301. It closed at a one-month high on Tuesday, notching a 1.2% gain at $1,288 an ounce. The precious metal fell roughly 3% in October.

December silver prices SIZ6, +1.29%  rose 14.7 cents, or 0.8%, to $18.565 an ounce, after closing up 3.5% at $18.418 an ounce on Tuesday.

As gold rose, the ICE dollar index DXY, -0.49% a measure of the U.S. unit against a basket of six major rivals, was down 0.3%. A weaker dollar can provide a boost to commodities priced in the currency, including precious metals, as it makes them cheaper to users of other currencies.

“Gold is likely be the most wanted asset to hedge against political risks, and although it jumped 4% from October’s low, there is still much potential to go higher from current levels,” said FXTM’s chief market strategist Hussein Sayed, in a note to clients.

Sayed noted that investors were dumping risk assets largely on the back of an ABC News/Washington Post tracking poll that showed Republican candidate Donald Trump ahead of rival Hillary Clinton for the first time.

U.S. stock futures ESZ6, -0.05%  indicated a weaker start for Wall Street, after equities closed at nearly a four-month low on Tuesday, weighed in part by the signs of a tighter U.S. presidential race. The Japanese yen, considered another haven for investors rattled by economic or political concerns, rose across the board Wednesday.

In other metals trade Tuesday, January platinum PLF7, -0.08% fell $5, or 0.5%< to $992.90 an ounce, while December palladium PAZ6, -0.37% slipped 70 cents, or 0.1%, to $633.40 635.20 an ounce.

High-grade copper HGZ6, -0.43%  for December delivery slipped a penny, or 0.6%, to $2.215 a pound.

Article and media originally published by Barbara Kollmeyer at marketwatch.com