Heavy buying by hedge funds last week lifted the gold price to its highest level since October 2011 which finished in the spot market at $1,277.60 an ounce on Comex, various media reported. Spot gold is currently trading up 0.5% to $1291.

Proactive Investors cites data from the U.S. Commodity Futures Commission (CFTC) for July 9 that showed that futures mark