Future of Gold Prices 'looks positive'
A senior figure at Investec Australia has claimed today (June 17th) that the future prospects for the Gold Price appear to be rosy, Reuters reports.
The yellow metal has been on the slide since reaching a recent high of about $900 per ounce, with investors seemingly undecided over whether to buy or sell.
However, Darren Heathcote, head of trading at the firm, explained that a falling dollar - which moves in the opposite direction to Gold Prices - will remain its key driver.
He told the news provider: "I think ultimately, unless we see some kind of negative fallout again from the financial sector, the hopes are good for a continued recovery in metal prices and gold to benefit further."
A similarly optimistic view was outlined last week by Walter de Wet, an analyst at Standard Bank, the largest bank in Africa.
He explained that gold has seemingly overcome its downside potential below $900 per ounce, something he described as an extremely "bullish signal".
"The difference now is that physical buying [in gold] is taking place at a gold price which is $70 higher than it was in mid-April," he told AXcess News.
"Our index which tracks the net flow of gold buying and selling in the physical market has jumped in recent days, confirming the positive momentum for the gold price from the physical market."
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