Gold News

Gold Price trend is 'continuing upwards'

A senior figure at Investec Australia has claimed today (September 22nd) that Gold Prices look set to move higher despite the potential for profit-taking, Reuters reports.

The yellow metal has been on a strong run in the past few weeks - rising above $1,000 per ounce for the third time - but it has prompted fears that many investors will cash in longer positions.

However, Darren Heathcote, head of trading at the Australian division of the international bank, has dismissed those concerns, stating that the future remains bright for Gold Prices.

"It isn't surprising to see, when we do get a little bit of uncertainty, that people take profits off the tables," he told the news provider.

"But generally, for the moment, the trend looks like it's still continuing upwards. And I guess as we head towards the wedding season, the physical demand is going to pick up as well."

A very similarly optimistic long-term view was outlined last week by Hwang Il Doo, a Seoul-based senior trader with KEB Futures Co.

Speaking to Bloomberg, he explained that gold will continue to increase in price on inflation fears, even if small corrections along the way are inevitable when the dollar rallies.

"Gold is in a modest consolidation stage as the dollar rebounded," he told the news provider.

"The upward momentum over the longer term remains intact as more people are looking for shelter from a potentially inflationary environment."

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