Platinum and palladium surged Tuesday on renewed concerns that supplies of the platinum group metals will shrink. Zimbabwe's government has given platinum producers two years to begin refining the precious metals in Zimbabwe.
Gold prices slipped for a third day in London on Wednesday, again rallying from two-week lows beneath $1,761 per ounce as world stock markets also fell again and industrial commodities held flat overall.
Gold edged up on Thursday after China's CPI slowed to a 30 month low of 1.8% in July, factory output plummeted to a three year low and these clues signal more QE from China in the near future. China replaced India as the world's top gold consumer at the end of 2011.
China's massive trade surplus is fast shrinking, however. The rate of foreign-currency hoarding is slowing right alongside, but its gold imports just overtook domestic mine output for the year as a whole.
Gold bullion prices fell further as London re-opened Wednesday after the Christmas and Boxing Day holidays, dropping to two-week lows in what dealers called a "very quiet session." Dealers returning to work caught up with a 1.4% drop for the week.
The gold price rallied to $1,718 per ounce Monday morning in London - 2.1% up on Friday's close - while stocks and commodities also saw strong gains following news that leaders may be close to an agreement on the euro-zone rescue fund.
We are now a decade into the current bull market in gold. Enquiring minds gathered for the LBMA conference in Montreal are asking how did we get here? What's driving the gold prices higher? And how much further might we still go?