Gold News

Gold Investment demand is 'still very strong'

A senior figure at Standard Chartered has suggested today (September 4th) that demand for Gold Investment continues to be resolute, the Daily Telegraph reports.

The yellow metal appears to be on the verge of pushing through the $1,000 per ounce mark again after reaching its highest price since February 24th this week.

Now Helen Henton, head of commodities at the bank, which has operations in over 70 countries, has explained that investors are moving their money into gold in large quantities.

She told the newspaper: "Investment demand for gold is still very strong, and that is going to help drive the price higher over time.

"We think it's going to break $1,000 by the fourth quarter, mainly driven by a weakening US dollar."

Robin Bhar, an analyst at Calyon, the investment banking division of Credit Agricole - which the second-largest bank in Europe - has also talked up gold's prospects.

Speaking to Reuters, he lent his weight to the theory that Gold Prices will move higher in the next few months, buoyed by solid physical demand and weakness in the greenback.

"The only driver of gold appears to be the dollar," he told the news provider.

"As we move into September and October it is the Indian wedding season and maybe some uptick in physical buying will allow a bit of a break-out."

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