The U.S. dollar also lost value, benefiting the price of the yellowish metal, Dow Jones Newswires reports. Jewelers in India, the globe's second-largest consumer of the precious metal, are set to shutter their operations as a demonstration against tariffs applied on imports of bullion, according to Bloomberg.
"You have the release of the U.S. labor report tomorrow so there is some risk over the weekend," consultant Peter Fertig with Quantitative Commodity Research told Reuters. "For some investors (there is) risk and therefore they are closing short positions."
At 9:22 a.m. on Thursday, gold futures increased 0.87 percent, a $14 gain to $1,628.10 per troy ounce.
Earlier this year, India was supplanted by China as the globe's largest importer of the yellowish metal. China hosts the globe's most rapidly developing economy and the second-largest, which trails only that of the U.S.
The record price for gold futures is $1,923.70 per troy ounce as established in early September of last year.