Mubasher: Gold prices saw a rise in Wednesday's early trade to record the highest monthly mark ahead of the US Fed decision on key interest rates.

By 4:08am GMT, spot gold futures increased 0.3% to $1291.85 an ounce, while US gold futures were higher 0.8% to $1,292.4 an ounce.

The US dollar index declined 0.10% to 97.66 against a basket of currencies.

The current US political changes strongly back the gold market nowadays as investors resort to the yellow metal for being a "safe haven" ahead of the US election, said currency market analyst George Zakria.

Whatever the US Fed decision on key interest rates today, gold prices are likely to rise over the coming two weeks as USA steps closer to choose a new president, the analyst concluded.