Following the move by the Swiss National Bank on Thursday to remove the exchange rate floor of 1.20, Gold traded 2% higher as investors found a safe haven. The yellow metal continued the surge higher during Fridays trading reaching a new multi-month high of $1281/oz.
Some analysts had thought that investors may need to sell Gold to cover margin calls due to the dramatic move in the currency markets and meet their obligations. The safe haven flows persisted pushing the metal higher.
At the time of writing spot Gold $1277/oz.