Gold Futures Index (GOLD)

[MUSHROOMKING]

Shortly after gold closed, the ICE Futures U.S. Dollar Index was down 0.198 point at 74.947 point. The 75-point area has proven to be pivotal for gold recently, with buying ratcheting up in the metal when the index dips below that level.

Central banks around the world won't easily be able to pull back the vast amount of liquidity they've pumped into their respective economies, and as such, inflation remains a "real concern," said Rob Kurzatkowski, futures analyst with optionsXpress.

That should mean continued support for gold, often used as an inflation and dollar hedge and more broadly seen as an alternative currency. So far this year, the Dollar Index has lost around 8%. Meanwhile, December gold has risen about 28%.

"At this point, I don't know anything that could stop the gold rally, other than investors being nervous to buy it at these high levels," Kurzatkowski said.