Pawlicki said some pressure in gold could come from weakening of industrial demand due to economic weakness and from a potential resumption of the commodity liquidation.
"Once they've gone on holiday this year and experienced the weaknessof the pound at the resort, I think you'll find that the demand for non-euro countries will accelerate, " he said.
Much of this was the result of ongoing economic weakness in the developed world, although elevated local silver prices also led to lower demand in price-sensitive markets such as India, the report said.