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00:00Let's talk about gold right now because it's pairing some of those gains that we saw earlier but still trading at that level twelve thirty three. Take a look at my Bloomberg and you can see that the recent rally has taken gold above its 100 day moving average the last two times that has happened. We saw a gold rally at least 10 percent in the following five weeks. It should be. Should we be expecting that to happen again Yeah look I think obviously technically he looks very good but certainly yeah the headwinds that we saw late last year have certainly abated and that's given the price a little bit leeway to push forward. I mean certainly from our perspective physical demand is is relatively weak in the moment and that'll be an issue to overcome. But certainly investor demand driven by that safe haven buying is has certainly shown very strong growth over the past few weeks and we do expect that to continue in the in the shorter term. Yeah it's really interesting you say that because in 2016 ETF flows actually led the rallies and the plunge in the price of gold . And when you're talking about physical demand we're seeing that this hasn't really picked up in the last three years show how much demand is out there especially for say countries such as India where jewelry demand is high Yeah well I mean obviously you know the banning of 500000 rupee notes in there in India has certainly impacted physical demand in that country and we're seeing you know falls of 15 to 20 per cent at the moment calling some of the data we we collect. So yeah that is significant for a major consumer like that. Yeah for the moment investor demand is making up for that but not to a huge amount over the top. So yeah it'll be a slow grind higher for us but for the moment it's that physical market is certainly going to be a headwind . Daniel what about what about other metals and analysis by Bloomberg Intelligence says that it will be too small to measure when it comes to metals like zinc for example. Is there any upside there or has it's run its course . No there is as I said I certainly think the the steel related metals such as zinc and aluminium have very good demand side environments or outlooks at the moment although clearly you know there are some concerns about what President Trump will do around you know the imports of those into the US so that remains a question mark. But certainly we feel that the stimulus measures in China will really boost the demand for those products in the shorter term .

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Trump Fears Seen Benefiting Gold Bulls

ANZ Senior Commodity Strategist Daniel Hynes discusses the price of gold and his outlook for commodities. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)

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