Gold Prices Rise Four Days in a Row, Hit Two-Week High

Gold prices climbed to a nearly two-week high Thursday, along with other risky assets, after the world's richest central banks jointly pledged to make it easier for the eurozone's acutely stressed banks to obtain funding.

Central banks from Canada, Switzerland, Britain and Japan as well as the European Central Bank and the U.S. Federal Reserve announced Wednesday they would make it less expensive for eurozone central banks to obtain dollars in a plan that begins Monday. China's central bank also said it was lowering its reserve requirement ratio for commercial banks beginning Monday.

The move sparked a rally in stocks, commodities and the euro, but the rally showed signs of weakening early Thursday.

Asian stocks rose, with the Hang Seng stock index soaring more than five percent and the Nikkei 225 and Straits Times each up about two percent. In Europe both Britain's FTSE 100 and France's CAC 40 were slightly higher but Germany's DAX was off fractionally.

The euro eased from Wedenesday's high of $1.3533. The dollar fell 0.27 percent against a basket of major currencies and Japan's yen slipped against the euro but edged higher against the dollar.

Crude oil prices continued rising, with West Texas Intermediate at nearly $101 per barrel, but copper -- up more than 6 percent Wednesday in London trading -- declined modestly after a report on weakening Chinese manufacturing.

Futures for the Dow Jones Industrial Average, the Nasdaq 100 and the S&P 500 indicated a lower opening for U.S. stocks.

Gold for February delivery climbed $5.10 to $1,755.40, while gold for immediate delivery rose $7.08 to $1,749.41. On Nov. 21, gold was $1,677 per troy ounce.

Silver for March delivery increased 49 cents to $33.30, while silver for immediate delivery added 84 cents to $33.20.