Gold News

'Elements could support gold'

Investors in gold are again eyeing the precious metal amid hints of a forthcoming rise, it has been claimed.

According to Reuters, gold has already breached the $950 an ounce mark again, leading to speculation that the current economic conditions may lead prices to shoot up further.

Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo, said that he believes buying will resume as investors seek to use gold as a hedge against inflation.

"The elements supporting higher gold are there Even though it was brief, gold did break above $950 [an ounce], with crude [oil] prices hitting record highs and the dollar continuing to remain weak against the euro," he said, according to Reuters.

An all-time low was reached by the dollar against the euro this week, which lifted the price of gold by two per cent.

The price for spot gold continues to consolidate at around $945 an ounce.

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