Gold (XAU=) was quoted at $391.25/392.00 an ounce by 1114 GMT versus New York's last quote of $390.85/$391.55. The euro (EUR=) was at $1.1821.
Dealers said that the market's main focus had been on funds in the New York COMEX market rolling their December positions over into February, with
not much interest so far in the OTC options expiry.
"There were some very, very large positions rolled out from December into February at an expensive rate which is bullish for bullion, but they haven't got much option -- that could change though," one dealer said.
"Gold seems to have weathered the storm (GDP numbers) reasonably well and we could well float higher towards $393.00 and $395.00," he added.
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