THE price of gold at the end of last week reflected a   5.5% gain  on prices   fixed  the same time  week ending July 5.

The London Daily Fix  closed at US$1279 an ounce on Friday July 12th, compared to US$1212 per ounce last Friday July 5 , reflecting a gain  of US$67 per ounce over the previous week.
The price rallied briefly at US$1285 an ounce Thursday evening, July 11, then dropped back to US$1275 an ounce Friday morning, and closed at US$1279 an ounce in the afternoon.
The US$1279 an ounce price on Friday last marked a gain of 7.2% on that which obtained on June 28 when the  price of the yellow metal  dived below US$1200 an ounce to a low of US$1192 an ounce, the lowest in three years.
The US$1279 an ounce amounted to a return to the prices fixed on June 25 last, three days prior to the dizzying drop to US$1192 an ounce.
The price rose to over US$1200 an ounce since then, and has remained fairly steady in the range between US$1200 and US $1250 an ounce, climbing to the recent high of US$1285 on Thursday last.
Though some believe that it is too early to say so, many gold market watchers are of the opinion that the price of gold has “bottomed out”, meaning that it is not likely to fall further and the only movement to be expected in the prices now is upwards.