Thu Jan 22, 2015 Gold is usually seen as a hedge against inflationary concerns.
"Gold is reacting to what Draghi has to say, to the bigger package that was announced and to rebounding inflation expectations in the euro zone," ABN Amro analyst Georgette Boele said.
Spot gold, which had fallen as much as 1 percent to a session low of $1,279.5 in early trade, turned positive, up 0.2 percent at $1,295.30 an ounce by 1456 GMT, after Draghi's announcement. It had climbed to its highest since Aug. 15 at $1,305 on Wednesday, before falling back below $1,300.
U.S. gold futures for delivery in February also moved higher, up $3.60 at $1,297.00 an ounce.
The metal has risen around 10 percent since the beginning of the month, underpinned by higher demand for assets perceived as safer, mostly driven by economic and political uncertainties in the euro zone.
The metal gained strongly in euro terms, with euro-denominated gold reaching its highest since April 2013 at 1,136, after Draghi's comments knocked the euro within reach of last week's 11-year low against the dollar.