Gold is set to rally the coming months, two experts say. The key level they’re watching

Gold is set to rally the coming months, two experts say. The key level they’re watching

Hot streak is still in its early innings, say the managers behind two of the largest ETFs on the market backed by the precious metal. Bullion wrapped up its best week since May on Friday as investors bought it to hedge against rising inflation figures, the latest being the more than 30-year record . It has climbed 7.5% since its recent bottom in September and is now within 2% of breaking even on a year-to-date basis. Recovering demand for gold jewelry could propel the price of gold even further, State Street's George Milling-Stanley told CNBC's this week. As chief gold strategist at State Street's SPDR ETFs, Milling-Stanley oversees the popular (GLD). "Consumer demand led by gold jewelry mostly going into the emerging markets has done very, very well in the first three quarters of this year," he said. Jewelry accounts for 50% of global gold demand followed by central bank reserves at 25%, individuals at 15% and industrial uses at 10%, according to iShares. The next six months tend to see the highest demand in India with festival and wedding season underway, Milling-Stanley said. Additional catalysts from Chinese New Year and gift-giving season in the West could help propel the