Fed decision to buy tens of billions more in bonds lifts the price of gold to a six-month high.
Asian shares rose and the euro steadied Friday after the European Central Bank outlined its bond-buying scheme to help calm the euro zone's debt crisis, while firm U.S. data fed speculation of a strong jobs report later in the day.
Gold futures blew past the $1700-per-ounce mark early Thursday morning ahead of a widely-anticipated appearance by European Central Bank president Mario Draghi where the central bank head was expected to announce further monetary accommodation in the eurozone.
Gold prices continued to decline this week, dragging even lower due to unusually weak demand from China and India - the two largest gold consumers - that has extended for several months.
Gold prices are set for a 12th consecutive year of gains despite posting the largest quarterly drop since 2008 in the second quarter, a view likely shared by the World Gold Council, and billionaire investors George Soros and John Paulson.
There comes a time in the life cycle of most commodities when China, home to 1.3 billion people and counting, takes over as the world's biggest consumer. For gold, that moment is drawing near.
The exit of one or more countries from the euro zone could drive gold prices significantly higher by the end of this year, according to a Friday Capital Economics report.
Gold continues to fare better than other asset classes in spite of a downward pressure on prices.
Gold experts have further cut back price forecasts for the metal this year after a sluggish first half, a quarterly Reuters poll showed on Monday, while gains in the dollar and a dearth of physical demand are likely to clip any attempted return to last September's record high for the rest of the year.
The Indian rupee Monday breached the 56-mark to reach 56.03 against the dollar on weak global cues and heavy demand for the U.S. currency from banks and importers.
An inch of time is an inch of gold, but you can't buy that inch of time with an inch of gold. Does this Chinese proverb ring true in the case of Indians who invest in gold for a 'good time' tomorrow? Or is the craze for the yellow metal ruining the country's economy?
The price of gold was losing value on Thursday in as the U.S. dollar strengthened
The price of gold was flirting with the milestone value of $1,600 per troy ounce on Monday, but concerns about the euro debt crisis tempered the yellowish metal's advance, published reports state.
The price of gold on the New York Mercantile Exchange fell by more than 2 percent on Thursday, ending six days of consecutive price increases so far this month.
Stocks have wiped out their year-to-date gains. US payrolls are down while unemployment is up. Yields on high-demand government bonds are at record lows. Speculation abounds the US Fed might even print more money. Is it any wonder some are talking about gold?s rebound?
A shockingly weak jobs report hammered U.S. equities Friday, as major stock indexes headed for their worst loss of the year and erased all of their 2012 gains.