Gold Price Continues Upward Trend

Gold continued its upward trajectory on Monday, breaching the £1,300/oz mark in early Asian trading for the first time since 2012.

The yellow metal surged 1.5% to £1,300.62 before retreating to £1,285/oz by late morning UK time.

Gold’s early day bullish trend coincided with a fall in crude oil that hammered equities and sent investors scurrying for safe havens.

According to Gov Capital's 1-year forecast, the yellow metal is predicted to hit around £1,447/oz over the next 12 months

In the nearer term, due to no major data on the UK’s economic calendar, traders will keep their eyes on the virus updates while investors will hardly move anywhere else to search for near-term direction.