Gold is trading at $1,988.77 an ounce after the Federal Reserve extended its asset purchase program through February 2.
The move followed a sharp decline on Tuesday, which fell to $1.917 an ounce.
Gold has gained a whopping 14.5% over the past month, according to data from Bloomberg.
This comes as the US dollar has fallen, with investors wondering whether the Fed will extend its QE program.
Investors also took advantage of a low oil price to boost gold prices, but a major factor in the recent rise is the fact that the US has been pumping so much crude oil.
The price of oil is currently hovering around $65 per barrel, according an oil analyst.