Gold News

Gold Prices 'bullish' amid push to record above $1,130/oz

An analyst at the largest bank in Africa has claimed today (November 16th) that now is the perfect time to be holding a Gold Investment, the Wall Street Journal reports.

The yellow metal is continuing to increase on the back of a weak dollar - which moves in the opposite direction - and hit another all-time high today of $1,132 per ounce.

Walter de Wet, from Standard Bank, has explained that placing bets on the Gold Price declining any time soon is not a strategy he would recommend to any investor.

"Despite weak US consumer confidence data on Friday, risky assets such as equities and commodities have rallied," he told the news provider.

"Liquidity seems to have drowned the market's fears. Gold is bullish and there is no sense in shorting the metal."

Meanwhile, David Wilson, director of metals research at major European financial services firm Societe Generale, has also highlighted the popularity of gold at present.

In an interview with the Times, he noted that the plight of the greenback and fears over inflation - against which the metal is used as a hedge - are sending prices soaring.

He told the newspaper: "There's a lot of positive sentiment and it's definitely getting a leg up from that. It's also being driven by fears about higher inflation going forward.

"There's concerns about the dollar and a lot of bigger commodity hedge funds are being more positive on gold."

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