Gold prices and gold equities are likely to enjoy another three to five years of solid growth, according to RBC Capital Markets, which hosts its annual gold mining conference in London today.

Stephen Walker, director of global mining research at RBC, will tell the conference that the summer correction in gold prices has run its course. Bullion will test this May’s 26-year high of $725 a troy ounce early next year, during the period of higher jewellery demand from India, he will say.