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Laguna Beach, CA, Feb 17 (Tangible Investments) - Gold extended its rally with strong demand from China and is presently trading at $1,327.13 an ounce, a fourteen week high, after rising $16.20 or 1.24 percent to close at $1,318.28 an ounce on Friday. It was Gold's best weekly gain in six months as the dollar weakened and economic data continues to disappoint. Silver is also higher and currently trading at $21.72 an ounce, after gaining $0.37 or 1.75 percent to close at $21.47 an ounce on Friday, for a second consecutive weekly gain.
 
“Gold has managed to break through – and hold above – some key resistance levels over the past few weeks. A rally above $1,308 per ounce could target $1,365,” said Victor Thianpiriya, of ANZ, who sees gold climbing to $1,450 an ounce in 2014. The World Gold Council (WGC) says that the recent turmoil in emerging markets is driving more investors into bullion. “The run-up in prices in recent weeks has been attached to the meltdown in emerging markets, and adding to that concern is U.S. economic news” said John Rutledge, of Safanad, who appears to agree with the WGC.
 
Overwhelmingly positive market sentiment has the price of gold up 10 percent so far this year after easing 28 percent in 2013, and that was after setting the all-time record high of $1,921.15 in September 2011. “Gold has broken the downtrend, and we are going to see some buying come in,” said Lance Roberts, of STA Wealth, in a telephone interview.
 
Mineweb readers 2014 gold price predictions are  more bullish this year than the London Bullion Market Association (LBMA) with Mineweb readers calling for a high of $1,629 an ounce while the LBMA believes gold will rise to just $1,379 an ounce.
 
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