Price of Gold could also rise more significantly – Commerzbank

After briefly exceeding $3,400 per troy ounce, the Gold price stabilised just below this level, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

Gold to rise if conflict in the Middle East escalates further

"In principle, uncertainty surrounding the conflict in the Middle East should support the precious metal. However, given the sharp rise in prices since the beginning of the year, investors appear increasingly reluctant to make large purchases."

"Against this backdrop, the Gold deliveries between Hong Kong and China in May, due to be published next week, could be of interest as they indicated strong demand from China in April. However, for Gold to rise again towards its record high, the conflict in the Middle East would probably have to escalate further, for example through US involvement in attacks on Iran."