Concerns over dollar and inflation 'boosting Gold Investment'
A senior figure at MKS Finance has suggested today (September 16th) that fears over inflation and the dollar are leading to a rise in Gold Investment, Bloomberg reports.
The yellow metal has traditionally shared a strong inverse relationship with the greenback, while also being a useful hedge against rising consumer prices.
With uncertainty surrounding the state of the economy, Bernard Sin, head of currency and metals trading at the Geneva-based bullion refiner, has explained that both aspects are propping up levels of Gold Buying.
"The inflation story has got people very concerned," he told the news provider.
"People are trying to move dollars into commodities, especially gold. The market is really concerned about the behavior of the dollar."
Meanwhile, Walter de Wet, an analyst at Standard Bank - which is the largest bank in Africa - also sounded a positive note for the future of gold prices last week.
Speaking exclusively to Reuters, he explained that the current rally that has seen the metal climb above $1,000 per ounce is not necessarily nearing its conclusion.
"Gold is a momentum-driven metal. When people start buying, everybody buys, and this move still has some momentum upwards," he told the news provider.
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