Gold is hitting new highs against the euro, Swiss franc, sterling and Japanese yen and the price looks set to move yet higher, according to bulls of the precious metal at RBC Capital Markets.

Gold against the dollar, and the Canadian dollar, is just short of a record, but RBC's chief technical analyst George Davis has moved his target higher, with nearly $1,228 (€954) an ounce in his sights against the current $1173. He would not be surprised to see the price hit $1,323 in the longer term: "Last week's close above $1170.20 added to bullish sentiment."