Gold Prices 'are overcoming selling pressure'

Precious metals analyst Jason Steel claimed today (September 16th) that Gold Prices appear to be strengthening above the $1,000-per-ounce mark, citywire.co.uk reports.

Investors have been flocking to snap up the yellow metal in recent weeks, pushing it close to its all-time high of $1,030 per ounce, which it reached in March 2008.

Although it has suffered sharp corrections on the two previous occasions it has ventured into four-figure territory, Mr. Steel, from HSBC - which is the world's largest banking group - believes it is overcoming resistance on this occasion.

He told the news provider: "Although gold has yet to challenge new highs above $1,020 per ounce, it has withstood several bouts of selling pressure."

Investors often choose to Buy Gold during tough economic times due to its ability to provide a store of wealth against floundering paper currencies.

Last week, Sandra Close, an analyst from Surbiton Associates, explained that this trend looks set to continue playing a major role in underpinning gold for some time to come.

"Gold's rising price is due to uncertainty all the way from personal investors right through to institutions," she said in an interview with the BBC.

"There are questions out there over the health of economies, where interest rates are going. All that encourages gold hoarding."

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