The gold price is headed for its largest weekly gain since June as poor economic data from both sides of the Atlantic increased the chances of additional monetary stimulus.

The world’s main stock markets fell after Germany reported exports had suffered their biggest monthly fall since 2009, stoking fears the 18 member Eurozone is falling back into recession.

The gold price has advanced 2.7% this week after the IMF cut its global growth forecast for 2015. The gold price also benefited following statements from the European and Japanese Central Bank pledging to expand stimulus measures if needed.

Gold is currently trading at £759.39 per ounce, silver £10.76 per ounce, platinum £787.39 per ounce and palladium £492.86 per ounce.