However, the latest jobs numbers from the US have temporarily reduced expectations for further Fed action, and held back further price gains. Despite the better than expected payrolls numbers (and upward revisions), payrolls remain well below the approximate 200K threshold necessary to sustainably reduce US unemployment.

With European sovereign risks still high and global stimulus likely to remain in place for the foreseeable future, any dips in the gold price are likely to be short-lived.

Also, with a relatively slow data week ahead, focus will be placed on the Council of Economic and Finance Ministers (ECOFIN) meeting and any signs of progress in approving Greece’s next financing tranche.

ETFS Physical Swiss Gold (NYSEArca: SGOL)