In recent weeks the price of gold has move up nearly 6%. Is this a harbinger of more gains in the future. I do not think so. Precious metal prices are driven by uncertainty and/or inflation. Maybe gold is up recently due in the situation in the Ukraine or in Iraq, but inflation fears are probably misguided. When you put all those things together I am not seeing any strong drivers for higher gold prices.
Below is an article from CNN Money.com concerning the recent run-up in the price of gold.
Gold shot up more than 3% on Thursday, the biggest one day gain since September 2013. Prices were up slightly again Friday, with futures trading at about $1,316 an ounce.