Gold News

Upward trend for gold 'could begin again'

Investors in gold could be poised to purchase the precious metal in earnest again following early indications that it may be about to break out of its consolidation period.

According to the International Business Times (IBT), gold prices rose by $13 an ounce on Thursday (May 8th) alone, sparking analysts to provide bullish predictions for the metal in the long-term.

Most commodities looked to be doing well, despite a slight recovery by the dollar, which could be a response to climbing crude oil prices.

"Despite recent dollar strength, I am seeing [it] catch a new wave of selling, which [will] push gold higher. I also think we can't discount the strong moves in crude and their staying power so far," said Zachary Oxman of Wisdom Financial, according to the IBT.

A trader at Eagles Futures in New York also pointed out that gold is undervalued and suggested that now may be a good time to buy.

In related news, scientists in the UK are aiming to incorporate gold nanoparticles into mobile devices after recently finding that they can detect biological toxins.

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