Deutsche Bank predicts further Gold Price rises
The largest bank in Germany has revealed that it can see Gold Prices continuing to rise strongly in the foreseeable future, CNN Money reports.
A surge in investor interest has already seen the yellow metal increase by more than ten percent during November, culminating in yesterday's (November 23rd) record high of $1,171 per ounce.
Now analysts at Deutsche Bank have suggested in a new research report that the fundamentals are in place for gold to enjoy further gains until at least the end of the year.
"We believe the activity of central banks [who have been increasing their gold reserves] and seasonal weakness in the US dollar in the final four weeks of the year will sustain the strong rally in Gold Prices," they wrote, according to the news provider.
A similarly positive assessment was provided last week by Walter de Wet, an analyst at Standard Bank, which is the largest bank in Africa.
Despite conceding that purchases of gold jewellery are muted at present, he explained that strong physical interest should see the metal perform well for the remainder of 2009.
"Although down from recent highs, we still see net physical buying," he told the Wall Street Journal.
"We believe buying momentum will remain positive for most of (the fourth quarter) on high seasonal demand."
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