Gold: Fresh seven-year highs – OCBC

Gold closed at a fresh seven-year high of $1730.51/oz last Thursday and continues to trade within our model-implied range of $1645- $1745/oz, per OCBC Bank. 

Key quotes

“The 5-day moving average spread between spot and futures prices have also sufficiently closed nearer to its long-term average.”

“Prices are expected to remain elevated in the near-term.”