The gold price continues to trade close to the psychological $1,200 barrier. Whilst the price action has been relatively stable this week, today’s latest U.S GDP release will no doubt affect the value of the dollar and the gold price.

A positive GDP reading will boost the dollar and make gold purchases in other currencies more expensive. Better than expected growth will increase the calls for an increase in interest rates which in turn will be negative for the gold price.

Traders are also focusing on the upcoming Swiss gold referendum which takes place on the 30th of November. Analysts are forecasting a ‘yes’ will significantly boost prices, although the latest poll suggest the ‘yes ’vote is losing momentum.

Gold is currently trading at £765.20 per ounce, silver £10.59 per ounce, platinum £776.95 per ounce and palladium £507.10 per ounce.