Gold has been on a spectacular ride over the past year, having breached the US$5,000 an ounce mark before falling back down to around US$4,000 — though still well above historic levels.

Many factors influence the price of gold, but fund managers say interest rate expectations have been driving the bus in recent months as inflation forecasts and the Iran war have led to changing predictions on what central banks like the U.S. Federal Reserve have in store for rates.