Gold News

Gold Price rally 'does not necessarily need lower dollar'

A prominent fund manager claimed today (October 23rd) that Gold Prices could still move higher even if the dollar begins to pare its losses, Reuters reports.

The yellow metal, which reached a record high of $1,070 last week, is renowned for the inverse relationship it has traditionally shared with the greenback.

However, Caesar Bryan, portfolio manager at the GAMCO Gold Fund, which manages $580 million, explained that Gold Prices may strengthen in other currencies as well.

"I don't think we necessarily need to see a lot lower dollar to see the gold price rally," he told the news provider.

"We could have a gold price rally in other currencies more than the dollar."

An alternative view was offered this week by Frank McGhee, head dealer at Integrated Brokerage Services LLC in Chicago.

Speaking to Bloomberg, he explained that the dollar will be the main factor in gold price fluctuations and that he can see the US currency continuing to struggle in the future.

"Gold's move is all dollar-driven. You're going to see continued erosion in the dollar. I'm very bullish on gold," he told the news provider.

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