Gold futures gained on Wednesday in reaction to hopes of further quantitative easing by Federal Reserve and other central banks. Moreover, decline in producer prices and retail sales further weakened the greenback which eventually boosted the precious metal on its safe haven status.

Gold futures contract for August delivery surged 0.4 percent or $5.60 to settle at $1,619.40 per ounce on the Comex division of the New York Mercantile Exchange.