Gold News

Current Gold Price is 'good entry point' for investment

An analyst at the largest bank in Africa has claimed today (April 29th) that the live Gold Price could represent an ideal investment opportunity, Reuters reports.

The yellow metal has struggled to break resistance at $900 per ounce since falling back after hitting $1,000 per ounce for the first time in almost a year on February 2nd.

However, Walter de Wet from Standard Bank has explained that the slump in prices could tempt buyers with a longer-term focus into making a Gold Investment.

He told the news provider: "There is some dollar weakness, but a lot of people are also thinking $885 an ounce is a good entry point into the metal."

The possible weakness of the dollar - which tends to move in the opposite direction to gold prices - was also noted last week by Greg Canavan, director of investment house Fat Prophets.

"The money flows that flocked to the US dollar over the past six months seeking a 'safe haven' will slowly begin to reverse," he told The Australian.

"We believe gold and commodities will be the ultimate beneficiary."

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