Gold price rose on increasing demand for safe-haven assets as market participants are concerned about financial instability. A weaker U.S. dollar also supported gold.

The World Gold Council (WGC) released its report on Thursday. Demand for gold totalled 1,117.7 tons in the fourth quarter, up 4% from the same period in 2014. It was the highest demand in more than two years. The increase was mainly driven by central banks and investment.

March futures for gold on the COMEX today rose to 1245.90 dollars per ounce.