Spot gold rose 0.3% to $1,924.15 per ounce by 1122 GMT, after jumping to its highest since early Feb at $1,937.28 on Wednesday. U.S. gold futures fell 0.1% to $1,928.70., which sparked a rout in European banking stocks on fears of its collapse, recovered 28% after saying it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.
While the news had taken a bit of the shine off gold, bullion seems to have settled at a reasonably firm level, said independent analyst Ross Norman. The dollar index was 0.2% lower, making bullion cheaper for overseas buyers. Gold prices in sterling were off the record-highs hit on Wednesday, while prices in euros also retreated.
Gold was enjoying a "knee-jerk rally", Norman added, with short covering potentially accounting for a large part of the gains, yet sentiment was broadly favourable towards gold.
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