Gold News

Gold Price still has 'momentum upwards'

A prominent analyst at the biggest bank in Africa suggested today (September 8th) that the current surge in Gold Prices still has further to run, Reuters reports.

Spot gold reached $1,004 per ounce on Tuesday, representing its highest level since March 2008, when an all-time high of $1,030 was attained.

Although some experts are certain that the yellow metal's next significant move will be downwards, Walter de Wet from Standard Bank does not share that observation.

He told the news provider: "Gold is a momentum-driven metal. When people start buying, everybody buys, and this move still has some momentum upwards."

The move into four-figure territory was also welcomed by Ashok Shah, chief investment officer at international investment management firm London and Capital.

He explained that the latest developments indicate that a period of inflation - against which investors often Buy Gold as a hedge - looks set to descend on major economies.

"Gold is celebrating because the day when inflation might return is getting sooner rather than later," he told Reuters.

"As long as the authorities are intent on not reversing their policies then gold will remain in demand and it will be wanted."

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