Gold News

Gold Prices 'have support to test higher'

A prominent figure at a major investment bank in Denmark has claimed today (August 28th) that Gold Prices could be eyeing a move upwards, Reuters reports.

The yellow metal has edged above $950 per ounce in the past few days as investors have sold the dollar, which tends to trade in the opposite direction to gold.

Now Ole Hansen, a senior manager at Saxo Bank, has explained that the greenback's apparent weakness in comparison to other currencies could spark sustained Gold Buying.

"The euro has elevated to slightly higher levels now, and that has given [gold] the support that's needed now to test higher," he told the news provider.

Gold also received a ringing endorsement earlier this week from Shuji Sugata, manager of the research team at Mitsubishi Corp Futures.

He explained in an interview with Reuters that the metal is still attracting investment interest despite some analysts suggesting that buying levels are subdued.

"Gold maintains its traditional role as an asset to avoid risks like, for example, a weak dollar, inflation and volatility in equity markets," he told the news provider.

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