SHANGNAI, Jan. 16 (SMM) – Gold climbed above $1,250/oz as Swiss’s surprise decision to scrap its currency peg against the euro increased gold’s safe-haven appeal.   

With this continue to push up the metal price? 

“The jump in gold price is driven by Swiss National Bank’s action, but sustainability of price gains remains uncertain,” an analyst from Dayou Futures told SMM in a recent interview.

The metal will meet great resistance at $1,280-1,300/oz, the analyst said, adding silver prices will likely follow up gains in gold market.