Spot gold rose 0.3% to $2,165.1 per ounce as of 1300 GMT, while US gold futures added 0.3% to $2,172.40.
Gold reached a new all-time high of $2,170.99 earlier in the session and has gained more than 4.1% so far this week, setting it on track to post its biggest weekly percentage increase since mid-October.
"I think a lot of the demand that we've seen coming from is really in the paper market. It's just speculative demand," said Michael Widmer, Bank of America's head of Metals Research.
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