Investors are now eyeing the release of U.S. weekly jobless claims data to gauge the health of the world's largest economy, after higher January factory activity was reported for China, the United States and Germany.

 Gold added $4.74 an ounce to $1,748.44 an ounce by 0246 GMT, having earlier risen to a high of $1,751.30 an ounce, its strongest since Dec. 8. Gold remains below a lifetime high around $1,920 an ounce hit last September.

"Our near-term upside target is $1,780. We think that's going to be taken out within the next six weeks or so," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.

"But we remain cautious about end of the quarter fund redemptions, particularly equity redemptions which have linkages to gold. Those funds, we believed, caused the sharp downturn in gold at the end of Q3 and Q4." U.S. April gold rose $2.40 to $1,751.90 an ounce.

Newcrest Mining, the world's no.3 gold producer, expects the price of gold to trade between $1,500 and $2,500 an ounce in the years ahead, Chief Executive Greg Robinson said at a business lunch.

Shares in Asia and the euro rose on Thursday as global manufacturing data soothed fears about economies deteriorating amid the debt crisis in Europe, while falling European debt yields also improved sentiment.

Greece's prime minister will call the country's political leaders in the next few days to seek backing for more austerity after the International Monetary Fund warned this was key to securing the new bailout Athens needs to avoid a messy default.

"The gold market has been wobbling around the Greek situation ... will they, won't they find the solution? Until then, gold is likely to remain volatile," said Trevethan at ANZ.

The recovery in risk appetite weighed on the dollar, pushing its index measured against key currencies down 0.2 percent after it dropped to an eight-week low on Wednesday.

The physical market was largely deserted ahead of the U.S. jobless benefits data for the week ended Jan. 28. Economists in a Reuters survey forecast a total of 375,000 new filings compared with 377,000 in the prior week.

"I think people hesitate to commit too much, with the prices around $1,750. China bought a lot of gold in early January, so they just wait and see. But I think any dips in prices will attract some buying," said a dealer in Hong Kong.

"A weaker dollar will benefit gold for the time being. I think short-term upside will be $1,800."

In the energy market, U.S. crude oil prices slipped towards $97 a barrel on Thursday as a larger-than-expected rise in crude oil stocks outweighed support from upbeat manufacturing data in China, the United States and Germany.

Precious metals prices 0246 GMT

Metal                                Last              Change      Pct chg     YTD pct chg              Volume

Spot Gold                        1748.44         4.74          +0.27           11.81

Spot Silver                      33.79              0.10          +0.30           22.03

Spot Platinum                1616.24         4.51          +0.28           16.03

Spot Palladium              692.93          -1.29         -0.19             6.20

COMEX GOLD APR2    1751.90          2.40         +0.14           11.81                        6423

COMEX SILVER MAR   2 33.81           0.00          -0.01            21.10                        2167

Euro/Dollar                     1.3180

Dollar/Yen                        76.12

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