Gold prices across the world have hit a four-week high with news that the US Federal Reserve will not be drastically reducing the pace of stimulus.
The economic giant made this decision based on analysis of data that revealed new job creation was far lower than previously estimated.
Only 74,000 positions were added in December 2013, the lowest it has been since as far back as January 2011.
In light of this news, spot gold rose for the third consecutive week. After hitting $1,254.05 earlier in the day, it was up by 0.4 per cent at $1,251.60 an ounce by the end of play.
"Prices may continue to rise till $1,267," commented Joyce Liu, an investment analyst at Phillip Futures. "As its earnings season for US equities, large disappointments in company earnings may also direct some funds back to gold."
In spite of this, gold's status as an investment safe haven is not as resolute as it once previously was, and last year saw its price fall by almost a third.
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