Gold rallied more than 2 percent on Thursday, biggest one-day rise since January, supported by a decline in regional U.S. factory activity that fueled hopes for more monetary stimulus.
Gold added $1.04 an ounce to $1,574.29 by 0036 GMT, off a 4-1/2-month low at $1,527 struck on Wednesday.
Gold raced to a record of around $1,920 last September on fears the euro zone debt crisis could spiral out of control, but this year, the metal is moving in tandem with assets that are perceived to be risky.
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