Gold is poised to move higher later this year, powered by the Fed aggressive stance on interest rates and lingering global uncertainties, a precious metals expert said.

Central banks have been buying gold at levels not seen in 50 years, as part of a broader diversification of reserves away from currencies including the U.S. dollar.

Gold prices have largely been stuck in a range of between $1,217 to $1,330, according to Martin Huxley, global head of precious metals at INTL FCStone. But he said that could change.

“I think that we expect gold to continue to trade pretty much within that range for the coming months,” Huxley told. “But over the second half of the year we expect it then to grind higher, and potentially it could test $1,400 towards the end of the year,” he added.

Huxley said the Fed signal that there will be no more interest rate hikes this year has helped boost the outlook for gold and other metals.