Gold News

Gold price 'preparing to rise after resistance'

The gold investment industry could be bracing itself for another good run in the bullion market following a period of consolidation.

This opinion was expressed by Mark Pervan, senior commodities analyst with ANZ in Melbourne.

ANZ a major Australian Financial Institution dealing with business loans an internet banking, as well as commodity information and advice.
Mr Pervan said that, once the gold price starts rising, it could head upwards relatively quickly.

"It's watching what the dollar is doing. You can sort of sense that it could move towards $950 pretty quickly. But $930 is the next resistance level, I think," he told Reuters.

Rising energy prices and a weak dollar are currently boosting gold's appeal as a hedge against inflation, following reduced expectations of an interest rate rise by the Federal Reserve.

Earlier this month, Justice Little, editorial director of the Taipan Financial Group, told Commodity Online that investors will also seek to buy gold as a hedge against rapidly declining house prices.

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