The price of the precious metal climbed Thursday as it paced for its best month in four years. Global central bank stimulus and investors' search for market safe havens pushed gold prices to their highest levels since 2013 earlier this week., the largest exchange-traded fund in the market backed by physical gold. Investors piled into the popular fund with a remarkable appetite, creating the highest number of shares outstanding in GLD since 2013 as of Monday.
"You've actually got a decrease in the supply of gold while the demand is going up, and it's pretty unusual to see the actual production of gold be influenced while prices are rising, so, you've got a double whammy there," Jason Bloom, director of global macro ETF strategy at Invesco, told CNBC'sThat lid on supply has driven Wall Street price targets for gold into the $2,000-$3,000 range, Bloom said.
As supply comes back online, demand will remain key to gold's trajectory, as will low interest rates around the world, Bloom said.
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