After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26.
"We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '
“With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level."
However, equities in the short-term have definitely outshined the yellow metal. Since last year's Brexit vote, a portfolio with only 5% exposure in gold is up 32%, beating a 50% exposure which is up 17%, according to data analyzed by U.K.-based media outlet The Telegraph.