Friday’s PM gold fix of $1576 (£1007, 1296 euros) per Troy ounce was the 10th week that Friday’s gold fix prices have alternated between up and down since week ending 11th May 2012.
As we mentioned a few weeks ago, the gold price is stuck in a range of $1555 – $1635 and that range is contracting as it fails to break through $1600 in the near term. It is one of the tightest weekly trading ranges that the gold price has seen since the beginning of the bull run.
“Daily momentum is flat” Tim Riddell, ANZ Bank head of global markets research, notes.
For pound sterling and US dollar investors the gold price is the same that it was two months ago.
Yet despite the above we’re convinced the gold price can run further…
Two main drivers of demand for the gold price remain. Inflation and the US Dollar trade deficit.
In the UK we’ve seen a reversion to Quantitative Easing, with the latest £50m spending adding to the pot of debt that is continuing to mount. And whilst unemployment has
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