Gold News

Gold Prices could capitalise as dollar 'goes down the tubes'

An analyst at LaSalle Futures claimed yesterday (September 23rd) that Gold Investment is on the rise over fears about the future of the dollar, Bloomberg reports.

The US Dollar Index - which tracks the greenback's performance and strength against a basket of six other major currencies - has fallen to its lowest levels for about a year.

With the dollar tending to trade in the opposite direction to gold, Matt Zeman, a metals trader at the Chicago-based firm, explained that money is moving into the yellow metal.

"The dollar's getting kicked pretty good. Gold's move is all speculation that the dollar is going to continue to go down the tubes," he told the news provider.

Gold has just passed the $1,000-per-ounce mark for the third time and on the previous two occasions, a sharp pullback followed as investors cashed in their positions.

However, Qin Wiehuan, a researcher at the China Gold Association, has suggested that the rise into four-figure territory could now be sustained as gold has reached a new "era".

"I believe the Gold Price will rise to $1,200 per ounce within the next six months," he told China Daily.

"In the past, gold prices dropped back after [hitting] over $1,000 per ounce. But I believe this time the price has really breached the $1,000 ceiling and will stay at these levels for some time."

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