The metal has gained nearly 3 per cent this week, marking its sixth straight weekly rise, as investors exited riskier assets such as equities.
While money flowing into gold-backed exchange-traded funds has increased, reflecting confidence in the metal's outlook, physical demand has quietened as higher prices put off buyers - making some cautious about how long the rally can last.
Gold will face increasingly stiff resistance on further rallies and will likely need a stronger euro to move significantly higher. A decrease in China's physical demand for gold - even if only a temporary one - could undermine rallies.
Spot gold rose 0.4 per cent to $1,374.85 an ounce by 0217 GMT, after earlier hitting a fresh six-month high of $1,376.02. The metal is up 14 per cent so far this year.
Gold is getting its biggest support from the crisis in Ukraine, which has caused the biggest stand-off between Russia and the West since the Cold War.
The global uncertainties sent investors lapping up gold, with holdings in SPDR Gold Trust - the world's largest gold-backed exchange-traded fund - rising 2.10 tonnes to 813.30 tonnes on Thursday.