Bloomberg reports that the ECB's expansion of stimulus measures has boosted demand for the metal as a store of value.

Bank president Mario Draghi said it would buy €60 billion ($85.1 billion) a month worth of assets through to September 2016.

Gold prices are up almost 10% this year as stagnant economies try to find new ways to sustain growth.

Meanwhile, Russia has continued to buy the metal and boosting its reserves for a ninth month.

According to the country's central bank, Russia held 3.8 million ounces of gold, making it the fifth-largest holder in the world of the precious metal. The figure is as of January 1.

Russia has used its international reserves to defend the ruble as it slid almost 80% in the past 12 months due to US and European Union sanctions.