BENGALURU: Gold prices rose on Wednesday as investors looked to the minutes of the Federal Reserve’s latest policy meeting for cues on timing of interest rate cuts, while safe-haven demand buoyed by escalating conflict in the Middle East also lent support.

Spot gold was up 0.3% at $2,028.79 per ounce as of 1242 GMT. Prices hit their highest since Feb. 9 earlier in the session. Meanwhile, US gold futures were steady at $2,040.00 per ounce.

“We maintain a patient bullish outlook for gold but expect the next push to a fresh record high may not occur until the FOMC finally start cutting rates,” said Ole Hansen, Saxo Bank’s head of commodity strategy.

Continued geopolitical worries are also adding some support, Hansen said, highlighting that the market focus today will be on FOMC minutes.