Gold News

Gold prices 'could rise on increased oil'

Gold prices could lift on the back of the excellent run of crude oil prices, it has been claimed.

According to the Johannesburg Business Day, technical analyst Jean Temkin has said that she believes all the conditions are right for gold prices to rise within the coming months.

She pointed out that the precious metal has risen by ten per cent since last December, but that is it oversold and is therefore likely to go up.

"The race is on again between the prices of oil and gold. Oil is in the lead, but my gut-feeling is that gold is ready to move up. Oil is continuing to rise, which I read as a possibility the two will draw back together," Ms Temkin said, according to the Johannesburg Business Day.

She also cited the diminishing supply of world gold resources as a positive incentive to spur on investment in gold.

Gold prices have currently consolidated at around $870 an ounce since reaching an all-time high of $1,000 an ounce in March.

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