Gold Bullion rises as dollar weakens
Investors Buying Gold saw prices for the precious metal rise for the first time in seven days this morning (23.12.09), as the dollar fell.
According to one expert, Gold Investment is being viewed as a haven from currency fluctuations, with Bloomberg reporting the dollar fell by as much as 0.3 per cent against major currencies over speculation on its future performance.
Speaking to the news provider, Lannie Cohen, president of Capitol Commodity Services, said that the moves in Gold Investment prices are closely linked to the dollar at the moment.
"The dollar had been strong for a few weeks now, putting a cap on prices. If this is the end of that rally, then gold will start to move higher again."
His comments came following comments from Barclays Capital analyst Suki Cooper, who suggested a weak dollar is improving the long-term prospect of buying gold.
She said: "The investment sentiment towards gold is very positive."
Ms Cooper added that fears over possible inflation in the US and the current state of the economy could drive up gold prices further.
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