Gold prices hit a six-month high on Thursday, approaching the $1,000 a troy ounce mark for the fifth time in two years, as wary investors pulled back from equities.

Traders said that the bulk of the buying came after a confluence of bullish chart signals triggered speculative flows into the precious metal. Spot bullion in London hit an intraday high of $992.55 a troy ounce, the highest since late February.