Gold News

Dollar's reserve currency concerns 'could boost Gold Prices'

A senior figure at Barclays Stockbrokers claimed today (October 27th) that Gold Prices have a good chance of rising further in the future.

With the yellow metal hitting an all-time high of $1,072 per ounce this month, the company conducted a study which found that 40 percent of its clients are bullish on gold.

Barbara-Ann King, head of investments at the UK's largest stockbroker, explained that the popularity of Investing in Gold has "soared in the past nine months" and will continue to do so if worries over the dollar persist.

She said: "Central governments around the world have already reacted by remarking that gold may become the reserve currency of choice over the dollar as its value drops compared to other safe havens.

"If the value of the dollar drops further there may be a reverse effect on the price of gold."

Meanwhile, Shamlal Ahmad, managing director at leading Indian and Dubai retailer Malibar Jewellery, outlined a particularly bullish view for the future of gold last week.

In an interview with the Economic Times, he drew attention to Indian consumers' love of the metal and predicted that prices could almost double from their current levels in the next six to eight years.

"Due to religious and social reasons, Indians will continue to buy gold, which will help keep global gold demand steady," he told the news provider.

"It could eventually hit the $2,000-per-ounce mark by 2015 to 2017. So investment in gold won't go in vain."

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