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A recent survey conducted by Bloomberg of 30 traders, investors and analysts, including ourselves, found that 23 of them expected the price of gold to rise this week on the back of the weakness of the dollar and inflationary fears. As growth in the markets is unlikely to be smooth, any green shoot recovery is going to need determined and resilient gardeners. Therefore, investors are pouring into the safe haven attributes of gold which saw it touch $961 in overnight trading. This morning, a firmer dollar eased the metal back to $951, but momentum is likely to pick up again once the UK and the US get back to work after their bank holiday.
Although universally condemned, North Korea's recent nuclear testing was hardly shocking news and unfortunately, to some extent, expected. Therefore, the geopolitical tension in the area, which the North is adept at creating had very little effect on the gold price.
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