Gold News

Gold 'will go up despite currency movements'

It is likely that gold investments will enjoy a strong performance this year regardless of how the dollar moves compared with other currencies.

This is according to Bud Conrad, chief economist at Casey Research. He told Commodity Online that he expects gold bullion to rise in 2008 even if the dollar fails to decline further against foreign currencies.

"It just means confidence is lost in all the currencies, not just the dollar," he commented.

A number of reports have cited the weakening dollar as one of the factors most likely to push up gold prices in the near future.

However, according to the World Gold Council, there are various other drivers to consider too, such as ongoing economic uncertainty, rising jewellery demand and shrinking supply from gold mines around the world, in addition to geopolitical tensions and growing appetite for diversified investment portfolios containing some element of gold.

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