Gold News

Gold price stays steady

Gold prices are holding their ground thanks to the current volatility in the economic climate.

The price continues to remain just under the $900 an ounce mark, although there is not believed to be any sign of an imminent drop in prices.

Dale Doelling, chief market technician at Trends In Commodities, told Market Watch that he was optimistic about the future of gold prices for the coming months.

"I'm very surprised that gold has remained trapped in its current trading range for so long. This coiling effect leads me to believe that we're approaching a breakout in the market," he said.

The dollar remains weak against other currencies, while the price for crude oil is strong, which is benefiting gold as investors use it as a hedge against inflation.

However, it is thought that the consolidation is as a result of the market waiting to hear the US Federal Reserve's decision on interest rates later today (June 25th).

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