The price of gold has seen an upwards swing following a week of poor prices.
The movement is the first positive one for the metal after it recorded a series of falls, dipping to a four year low earlier this year.
Gold saw a US$47 spike per ounce on the back of a rally in the oil price, charging to just short of US$1200, sitting at a high of US$1192 per ounce.
The increase in the oil price follows the scheduling of an OPEC meeting later this month.
Gold was driven to historic highs following the Global Financial Crisis, after investors flocked to the metal as a safe bet in the wake of the extreme volatility in the financial markets and ongoing uncertainty over economic growth prospects.
From its average rate of US$ 1200 in 2009/10, the point at which it sits just below now, gold soared over the US and European debt crisis, but as these markets’ economic conditions have improved the price of the metal has swiftly decreased.
According to IBISWorld research the price of gold will rise again, however, stabilising above current rates and “are expected to increase in 2014/15 to an average of US$ 1411 per troy ounce as the global economy improves and inflationary pressures ease with higher interest rates in the United States and Europe”.