Experts believe gold prices will make strong rebound
A new survey of gold industry figures has revealed that the majority believe gold prices are poised to rebound over the coming weeks and months.
Bloomberg reports today (September 15th) that 28 traders, investors and analysts were quizzed in Mumbai last week about their views on the prospects of the precious metal.
Fifteen claimed that they have bullish sentiments towards gold, despite its recent fall to $764.50 per ounce in New York, while a further four wished to remain neutral.
The main reason cited for the value of buying gold at this time was that the dollar's recent rally against the euro will stall, increasing gold's appeal as an alternative investment.
As Praveen Singh, a research analyst at Sharekham Commodities, explained to the Economic Times: "Due to insecurity related to global banks and turmoil in global equities, gold could benefit further."
Although crude oil prices are currently struggling, this balance could yet be redressed as the paper currencies continue to struggle from the impact of the US banking turmoil.
Harish Gallipeli, head of research at Karvy Comtrade, added: "The US dollar could see some selling pressure on the developments in the US banking sector and that could help gold extend gains."
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