Gold price rises modestly

Gold futures rose modestly Thursday as the dollar index dropped 0.53 percent and stocks on Wall Street gained ground. Stocks got a lift from central banks in Europe. The European Central Bank said it would buy $53 billion in government bonds, while the Bank of England increased its quantitative easing program by about $114 billion. Gold prices added $11.60 to reach $1,653.20 per troy ounce on the Comex division of the New York Stock Exchange. Oil prices headed higher, adding $2.87 through the day to $82.57 per barrel. The euro rose to $1.3438 from Wednesday's $1.3348. Against the yen, the dollar fell to 76.68 yen from Wednesday's 76.79 yen. The British pound fell to $1.5438 from Wednesday's $1.546. The dollar dropped to 7.7815 Hong Kong dollar from 7.7852 HKD.