Can the Gold Price Stay Above $1,300 per Ounce?

After breaching $1,300 an ounce on Wednesday only to fall back down to just above $1,290, gold was up above the $1,300 mark again on Thursday morning. As of 11:38 a.m. EST, the yellow metal was sitting at $1,302.08.

Wednesday was the first time gold had been above $1,300 in five months, and the consensus seems to be that it was pushed there by the release of the European Central Bank’s stimulus plan. The bank intends to buy assets worth up to 60 billion euros per month through to the end of 2016.

Whether or not gold will stay at this level remains to be seen. For its part, Bloomberg said Thursday that many investors will be watching Sunday’s Greek election and next week’s Federal Open Market Committee meeting for cues.

Gold’s price performance, January 19 to 22, 2015.