Gold News

US payrolls data 'may push people to buy gold'

An analyst with Citi claimed today (January 7th) that there could be a surge of gold investment later in the week when key economic data is released in the US, Reuters reports.

The precious metal has made some small declines in the past two weeks after a period of growth as the greenback slumped, leading some investors to close short positions.

However, David Thurtell, from the second-largest institution in the US, believes that disappointing payroll data on Friday - particularly for non-farming industries - could see a rise in people buying gold.

He explained in an interview with the news provider that such an outcome "could lead to weakness on the equity markets and push more people towards gold".

An even more positive view on gold was aired recently by Edward Hands, a portfolio manager for the corporates and markets division of Commerzbank, Germany's second-largest bank.

He explained that "it would be prudent to have some exposure to gold" and that he would not be surprised to see gold prices increase rapidly in the coming few years.

"Certainly over the course of three, four, five years, you could see the gold price double quite easily," he said.

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