“Other analysts have also been supportive of the metal. Suki Cooper, precious metals analyst at Standard Chartered Plc, sees gold testing five-year highs by the end of the year, implying that prices could rise toward $1,400, while Bart Melek, global head of commodity strategy at TD Securities in Toronto, has said that he expects the metal to start to rebound in the final quarter,” according to Bloomberg.

GLD is the largest physically backed gold ETF on the market, providing investors exposure to gold price movement in an easy-to-use investment vehicle. The ETF is backed by physical gold bars stored in London vaults. The gold trust currently holds about 27.2 million ounces of gold, so each SDPR Gold Shares represents fractional ownership of the underlying gold.

“In the nearer term, jewelry demand tends to be relatively strong between August and January because of festivals in India and China, and that should be supportive, or at least limit the downside, said Luyet, who has six years of experience in currencies and precious metals,” reports Bloomberg.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.