by Jan Skoyles, TheRealAsset.co.uk

Ahead of Crimea’s referendum on Sunday, the gold price is set to complete its longest weekly rally since 2011. Yesterday it rose to a six-month high as Western sanctions on Russia were rumoured.

At the moment there are two key drivers for the gold price; events surrounding Ukraine and concerns for the Chinese economy.

However these can both be seen as short-term drivers for the gold price. Demand driven by the West and Russia standoff is safe haven demand. This is best reflected in the activity being seen in the SPDR Gold Trust, the world’s largest gold-backed ETF which yesterday saw inflows of 2.10 tonnes to 813.30 tonnes.

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