Some analysts believe that gold prices may rise to the record $1,000 mark again soon.
Robin Bahr, metals analyst at UBS, said that he was optimistic about the long-term outlook for gold.
"The market is consolidating, waiting for new direction to come through, and gold would always thrive as a safe heaven. That has not gone away as a factor and it will propel gold again higher in due course," he commented.
Gold futures are already looking positive after a jump in oil prices following an oil pipeline explosion in Iraq.
The explosion cut exports of oil from the south of the country, leading to an increase of investment in gold as the yellow metal is seen as a hedge against oil-led inflation, according to Reuters.
Reuters India reported that prices for gold bullion hit their highest in nine months in Singapore this week as demand from jewelers had a positive effect on the market.
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