Gold prices were heading for a weekly 1% gain, according to commentators, as traders look for a safe haven with the precious metal amid weak stock markets.
There is also a wider sense of general malaise about the global economy.
The price was also boosted by inflows into exchange traded funds (ETFs ) among other factors, including the European Central Bank keeping options open for future monetary policy.
Minutes released yesterday showed the Central Bank's policy makers were divided over new measures to stimulate the economy of then region, which included the cut to interrest rates to a new record low.
Gold futures for May delivery are up 2% to US$1,238.7 an ounce, while spot gold is up 1.69% at US$1,242.10 per ounce.
Notably today too, in UK news today, the quarterly trade deficit in goods with the rest of the EU hit a fresh high amid record imports from the EU bloc.
And in February the balance of trade in goods rose 20% more in February, reaching a record deficit of £12.0 billion, however gold played a part in reducing that deficit by £0.5bn through a net import of gold into London's vaults.
It was the first net inflow since October last year and the largest since February in 2015.
Earlier in the week, gold had been under pressure as markets waited for the latest US Federal Reserve meeting minutes.
In the press conference that followed the meeting, she indicated that instead of four interest rate rises this year, there would only be two but since then hawkish comments from other Fed members have confused the picture.
One thing that had been consistent throughout recent months has been the addition to their holdings of gold by the world’s central banks.
Notable movers on the day -
Ariana Resources (LON:AAU), up 8.7% at 1.25p.
Acacia Mining (LON: ACA), up 6.35% to 291.4p.