Spot gold prices held steady in Asia overnight Thursday, dipping $2 from the US close but opening London at $673 per ounce – a fresh five-week opening high.

"With gold successfully breaking and currently holding above chart technical level of $670," says today's note from Standard Bank, "it promisingly suggests further gains could be achieved toward the next target of $680."

Gold also held above the critical £340 level for Sterling buyers.

Eurozone investors wanting to buy gold saw it open Thursday in Frankfurt at €504 per ounce, the highest level since March 1st.

In short, yesterday's leap in the gold price came versus all major currencies. The newswires, however, insist the rise is due to "demand for [a] Dollar alternative."

Why did gold leap on Wednesday, defying the sudden outbreak of peace between the UK and Iran – and moving in the opposition direction to crude oil?

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