The precious metal traded 0.33% higher at $1,322.20 an ounce in midmorning London and it is heading for its best first-half in more than four decades as investors continue to ditch risk assets and turn instead to havens.

According to analyst Daryl Guppy, there is a strong probability gold will move above $1,340 towards resistance near $1,580. But he warns this upward trend is hazardous and volatile, as it comes with a change in the structure of the gold market.