Gold Investment 'attracting a lot of attention'
Commodity strategist David Moore claimed yesterday (September 23rd) that Gold Prices moving above $1,000 per ounce should increase investment in the metal, Bloomberg reports.
Gold recently pushed into four-figure territory for the third time and is currently hovering around $1,020 per ounce, close to its all-time high of $1,030 per ounce.
Mr. Moore, who works for Commonwealth Bank of Australia - which is the country's largest bank by market capitalization - explained that investors are monitoring gold with interest.
"Gold has attracted a lot of attention as the price continues to trade mostly in the $1,000-plus range," he told the news provider.
"A lower dollar may generate investor interest in gold as a hedge against dollar weakness."
Meanwhile, Bernard Sin, head of currency and metals trading at Geneva-based bullion refiner MKS Finance, has also provided an explanation for the recent Gold Price rally.
Speaking to Bloomberg, he noted that a combination of inflation fears and the dollar - which shares an inverse relationship with gold - is attracting investors to the yellow metal.
"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."
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