Gold price vaults past $1,400
Goldman Sachs raised its second-half 2013 gold price forecast to $1,388 from $1,300 an ounce with the investment bank saying "the recent uptick is a result of investors positioning themselves for an increase in inflation rates".
The threat of military action by the US and some of its allies in Syria and a widening crisis in emerging markets have also boosted gold status as a safe haven asset. The prospect of a protracted industry-wide gold mining strike in South Africa has also provided a floor for the gold price. The African nation's gold output has fallen steadily over the past decade producing roughly 170 tonnes last year.