Gold News

Investors will 'flock to Buy Gold as a hedge'

Phillip Futures analyst Adrian Koh has suggested today (October 14th) that Gold Prices could continue to push towards the $1,100-per-ounce mark, Reuters reports.

The yellow metal has been surging in the first half of the month and has hit another all-time high price of $1,068 per ounce this week as investors plough money into it.

With the value of Gold Bullion already increasing by 21 per [[space]] cent so far this year, Mr. Koh explained that the fundamentals appear to be in place for further price gains.

He told the news provider: "We are above $1,060s and we would be looking towards the $1,070-80s now. It's really difficult to pick a top.

"Until we get any strong change in fundamentals for the dollar, then it may continue to weaken further and everyone will flock to gold as a hedge."

Those comments were backed up last week by Yuichi Ikemizu, Tokyo branch manager for Standard Bank, which is the largest bank in Africa.

Speaking to Reuters, he noted that previous resistance at the $1,000-per-ounce level has been well and truly shattered, mainly due to increased interest in investing in gold.

"Long futures positions likely increased over the past week, showing how persistent those longs are," he told the news provider.

"Selling pressure isn't as strong as last year, with physical demand emerging when prices fell towards $980 last week to underpin the market."

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