The gold price remains within a tight range despite poor economic data out of the U.S. American employers added 169,000 jobs in April, the lowest monthly increase since January 2014. Poor employment data supports the gold price because the dollar weakens and reduces the probability of an interest rate rise. Since March the U.S. dollar has fallen 7% against a basket of international currencies.

Meanwhile, the U.S. trade deficit widened in April to $51.4 billion and Gross Domestic Product grew by a mere 0.2% in the first quarter.

Many analysts believe if the U.S. economy continues to slow the Fed Reserve will have no alternative but keep interest rates at near zero and start QE4.

Gold is currently trading at £779.09 per ounce, silver $10.85 per ounce, platinum £746.02 per ounce and palladium £519.75 per ounce.