Following two days of profit taking the gold price surged $30.70 to $1,261.70 per ounce yesterday. The price rose immediately after the Federal Reserve announced their intention to raise interest’s rates only once this year.

The gold price fell to a six year low of $1,049.60 on the 17th of December, since then the bull run in the yellow metal has taken the price to $1,265.58 today. A bull market is defined as a 20% increase from a low.

Janet Yellen was also cautious over the outlook for the U.S economy and warned that global economic and financial developments has the potential to derail the U.S economy.

Despite December’s rise interests rates are still near rock bottom which will be beneficial for the gold price. Many are now questioning if the Fed will ever actually follow through with any increases and many have forecast the next move will be downwards.

Gold is currently trading at £884.68 per ounce, silver £10.95 per ounce and platinum £688.10 per ounce.