Gold News

Easing euro fears 'could boost Gold Prices'

Signs of returning confidence to the Eurozone threaten to "knock the wind" out of the dollars recent rally, leaving Gold Prices well placed to rise further, it has been suggested.

Park Jong Boem, a senior trader at Tongyang Futures Co in Seoul, one of South Korea's largest futures brokerage firms, suggested that there is growing demand for the precious metal, particularly while Gold Prices remain under $1,100.

Fears over the state of Greece's debts - along with those of Spain, Portugal and Italy - had caused the US dollar to strengthen against the euro, causing a temporary stutter in the value of Gold.

However, Mr Park told Bloomberg: "Easing European debt woes are knocking some wind out of the dollar and this may lend some support to gold."

Meanwhile, current events in Asia are also expected to increase demand for the yellow metal.

Recently, Tom Pawlicki, of MF Global, which operates in 14 different countries, told Dow Jones Newswires the Chinese New Year is expected to boost Gold Prices.


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