After the release of U.S. economic data backing the maintenance of the stimulus by the Federal Reserve, gold remained near its highest level in five weeks, before the central bank policy makers meet later today to discuss recovery.

The precious metal rose 0.6 percent to $1,360.76 an ounce, traded at $1,354.12 at 2:46 p.m. in Singapore. Prices climbed to $1,361.93 yesterday, the highest since 20th September. Holdings in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, remained steady at 872.02 metric tons yesterday.

Gold gained in October following the 16-day U.S. government as lawmakers warred over the U.S. budget and debt ceiling, and which may have impeded growth in the nation’s economy.

Gold trading has been low as investors seem to be waiting for the Fed’s official decision regarding quantitative easing and the stimulus reduction plan.

After a 12-year gain, gold dropped 19 percent in 2013 on expectations that the Fed would reduce its $85 billion in monthly body buying as the economy strengthened. The unexpected decision of Fed policy makers to continue providing the economic stimulus at the same levels in their September meeting, has lured investors back to the safe-haven commodity