Gold ends higher after major central bank decisions

Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Thursday to recoup much of the previous session's losses, after the European Central Bank (ECB) announced rate cuts and the U.S. Federal Reserve made no changes to its asset purchase program.

The most active gold contract for June delivery rose 21.4 dollars, or 1.48 percent, to settle at 1,467.6 dollars per ounce.

Gold prices swung higher in electronic trading after COMEX trading closed on Wednesday, as the U.S. Fed left unchanged its bond-buying programs and targeted interest rates -- as widely expected by investors.

The more quantitative easing, the weaker the U.S. dollar becomes. So gold will benefit from such economic policies, according to market analysts.

On Thursday, the ECB cut its main refinancing rate by 25 basis points to 0.5 percent, and also reduced the interest rate on the marginal lending facility by 50 basis points to 1 percent. ECB President Mario Draghi vowed that monetary policy would remain accommodative, though he also believed that it was already " extraordinarily accommodative."

Silver for July delivery rose 48.7 cents, or 2.09 percent, to close at 23.83 dollars per ounce.