Global spot gold prices continue to hover just under the $US1300 ($NZ1783) per ounce mark.
Earlier this week prices touched a record $US1298 as investors again became jittery over European sovereign debt issues and declining global markets.
US stocks fell on Thursday after a weak reading on the labour market dropped stocks through a key technical level, validating the worries of those who thought the recent rally was flimsy.
European shares ended slightly weaker, after a sharp slowdown in euro zone services and manufacturing growth which had earlier hit stocks across the region, Reuters reported.
Further underpinning the gold price is increased annual demand from India and China for their respective wedding seasons.
Shares in New Zealand's largest gold producer, Oceana Gold, hit a record $5.41 on Tuesday.
By yesterday, that had softened to about $4.15, after news it had completed a report into its mothballed gold/copper development mine in the northern Philippines, which requires a $US140 million cash injection to restart.
Craigs Investment Partners broker Peter McIntyre said yesterday gold was likely to "push through $US1300" shortly, noting the present weakness in the US dollar and concern's over Ireland's economy and banks' stability were also driving the price.
"Global gold production is also down.
It is becoming more of a mainstream investment as opposed to alternative," Mr McIntyre said.
On Thursday the euro wobbled as uncertainty over the cost of propping up Ireland's banking sector triggered concerns the country was on the edge of a debt crisis which could drag down other troubled euro zone economies.
"The unsettling European news, particularly out of Ireland, is having an effect on investors," Mr McIntyre said.
Oil, which fell to $US74 a barrel on Thursday after US data showed continued labour market weakness in the world's biggest oil user, yesterday rebounded to $US75.40 in overnight trading.
Oil investors, as with counterparts in other commodities markets, have had to deal with worries about a slowing recovery pace in the United States and fuel inventories have swollen to record levels, Reuters reported yesterday.
US existing home sales rose in August as housing markets struggled to stand unaided after the expiration of a popular tax credit for home buyers,but activity remained severely depressed from levels preceding the country's most severe downturn in modern history.
Government data on Wednesday showed an unexpected increase in US crude and petroleum stockpiles.
The inventory increase last week, despite an eight-day shutdown of the biggest pipeline shipping Canadian crude to the US, reaffirmed views that prices would mostly remain range-bound for the rest of the year between $US70 and $US80, the preferred level for Opec producers.
