Gold is up a massive $43.80 or 3.44% overnight and sits at $1316.20 this morning.
It seems that a perfect combination of geo-politics and central bank dovishness combine to embolden the bulls.
Jordan Eliseo, chief economist at ABC Bullion, told Business Insider what was behind the move:
The dovish tone from Fed chair Yellen earlier in the week set the stage for the rally, which has taken Gold well through USD $1300oz, through a number of key technical levels, whilst Silver is also solidly back above the key USD $20oz mark.
A slumping US dollar index was also a factor, as are the rising tensions in Iraq, adding to Gold’s safe-haven demand