Gold News

Demand for jewelry keeps pushing gold prices

An analyst has underlined the fact that gold demand is continuing in the jewelry sector, which can push prices up even if there is a dip in the price of bullion.

Gold futures rose today (April 7th) after an upsurge in purchases from speculators and investors in the precious metal, according to Reuters.

However, Yukuji Sonoda, precious metals analyst at Daichi Commodities in Tokyo, said that he believes even if the price does not soar back to its height of $1,000 an ounce, there will still be demand for gold.

"The price will fluctuate around $900. But on the demand for jewellery, people start to buy little by little. Somehow, actual buying enters the market at below $2,000. The price below $2,000 is a good incentive for jewellery makers and investors to buy," he said, according to Money Web.

Gold prices currently continue to ride at around the $900 an ounce mark, according to Reuters.

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