Current Gold Prices are 'boiling hot'

A prominent gold columnist claimed today (June 22nd) that Gold Prices are on the verge of breaking new highs.

The yellow metal's all-time high price was $1,030, achieved last March, and has since fallen back on the one occasion it passed the four-figure barrier earlier this year.

Now Ronald Rasen, who produces the Rosen Market Timing Letter and is a director of the Delta Society International, has explained that technical charts for the last 18 months suggest that the Gold Price is "boiling hot".

"It further says that 'The time has come…' to put aside fears and worries about sell-offs and corrections," he wrote on MarketOracle.co.uk.

"This chart is telling us that there will be a new closing high in a matter of weeks, not months. Once a new closing high is achieved the price may run up for a while."

On a similar theme, Ganesh Agarwal, of Chennai-based wholesaler Shiv Sahai & Sons, has explained that the recent cooling of the gold price could tempt buyers back to the market.

He particularly noted that interest could return in India, with the wedding season on the horizon.

"In south India, marriages start by [the] third week of July, so there could be some increase in demand, particularly if prices drop by about $10 to $12 from current levels," he told Reuters.

"If prices do drop by that much, there could be a fresh wave of buying."

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