Gold News

Gold market 'waiting on G8'

Gold prices could rise again in coming weeks, based on decisions made by the G8 Summit in Japan.

The meeting, which is being held on the island of Hokkaido, is likely to discuss the decline of the dollar and the corresponding escalating price of crude oil, both of which are factors that weigh upon gold bullion prices.

Investors in gold typically use the precious metal as a hedge, to protect their assets when currencies look threatened by inflation.

Peter Tse, a dealer at Scotia Mocatta - the global bullion banking division of the Bank of Nova Scotia - said that the market is waiting to hear any news.

"It seems like all the eyes are on the G8 announcement … if there's anything happening in oil and the dollar, that would obviously affect the precious metals market," he said, according to Reuters.

Gold is also appealing to investors after it was reported yesterday (July 7th) that Israel may attack Iran, the world's second largest oil producer, as tensions mount over its nuclear activities.

Looking to Buy Gold today? For direct access to live Gold Market prices - and to save up to 80% compared with coin dealers' fees - click through to BullionVault now…


See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals