Gold rose + 2.5% in USD (+1.8% in EUR), reaching over $3,300 per ounce and €93.5 per gram on Wednesday and early this morning, as the dollar weakened and investors sought safety amid U.S. fiscal uncertainty.

With Congress debating a still uncertain sweeping tax bill, and with Moody’s downgrade of the US sovereign credit rating intensifying fears of a looming debt time-bomb, the dollar dropped in the last 24 hours to its lowest level in almost a month, making dollar-priced gold cheaper for holders of Euro and other overseas currency.

"Over the medium- to longer-term, further upside in gold is favoured, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level," said KCM Trade Chief Market Analyst Tim Waterer to Reuters.

If you were thinking of buying gold, now might be a good time.