Future is bright, says analyst, as Gold Prices hit record again
Afshin Nabavi claimed today (November 9th) that Gold Prices can expect to maintain their rally for the foreseeable future, Bloomberg reports.
The yellow metal has been profiting spectacularly from weakness in the US dollar in recent weeks and hit another all-time high today when it reached $1,111 per ounce.
Now Mr. Nabavi, a senior vice-president at Geneva-based bullion refiner MKS Finance, has explained that Gold Investment is looking prudent as there is no obvious end in sight to the greenback's struggles.
"The dollar will continue to have a very big impact on the metals and gold. Gold has got quite a way to go," he told the news provider.
Last week, Tobias Merath, a Zurich-based head of commodity research at leading financial services company Credit Suisse Group, also sounded a positive note for gold prices.
He correctly predicted that the $1,100-per-ounce level would be breached, mainly owing to the metal's strong negative correlation with the US currency.
"We could have a strong end of year and might even break $1,100 before 2009 is over," he said in an interview with Bloomberg.
"The gold rally is founded on three pillars and the first is dollar weakness."
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