Furthermore, demand among emerging market countries remains robust. According to the World Gold Council, demand in both China and India, two of the largest gold consuming countries in the world, saw strong demand in 2017.

Some market observers believe support for gold is firm at $1,300. The recent safe-haven buying could help gold maintain its current levels as more investors try to diversify their core portfolio positions in more volatile markets.

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

Tom Lydon’s clients own shares of GLD.