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Gold hit a near one-month high on Wednesday as investors grew more concerned over the global economic outlook and started looking for safe-haven assets on signs that the U.S. presidential election race was tightening.

"Uncertainty leading up to the U.S. election is likely to provide support to the precious complex," MKS PAMP Group trader Jason Cerisola said.

"The FOMC this week isn't in play. What's driving all of this is that (Republican candidate) Donald Trump is closing in on Hillary Clinton at a very rapid rate post the developments in the email server saga," said Jeffrey Halley, senior market analyst at OANDA. "For the next two weeks, it is all going to be about the U.S. elections and gold is a main beneficiary," he said.

Reference: Reuters