Gold prices rose to a nearly one-month high on Wednesday morning in London, as safe haven buying mounted ahead of next week's U.S. presidential elections, and investors awaited a Federal Reserve meeting later in the day.

Spot gold was trading 0.53% higher at $1,296.01 per troy ounce in midmorning European trade, nearly crossing the technically important 50-day moving average, and trading at the highest level since Oct. 3.