Gold Prices 'heading back up'

A leading commodities strategist has suggested that Gold Prices could soon rise, insisting that an increase is "on the cards".

Axel Rudolph, a technical strategist at Commerzbank, into which Dresdner bank merged last year, said that Gold Prices could well grow up to $1,145, according to Bloomberg's Business Week.

He told the news provider: "We believe that another short-term leg-up is on the cards. Gold is heading back up to its $1,135/$1,145 resistance area."

Meanwhile a dealer at a private bank in India has told the Economic Times that despite suggestions Gold Prices will fall, demand for the precious metal will ensure they remain "higher".

The trader told the news provider: "Everyone expects the prices to be lower close to 16,000 levels before purchasing more ... but that seems unlikely as the wedding season will be for the next two months and demand will keep prices higher."

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