Gold News

Gold prices 'looking healthy'

Gold investment is increasing as people become aware of the supportive economic conditions driving the price higher.

Eugen Weinberg, analyst at German financial services provider Commerzbank, said that he is optimistic about the market for gold bullion for the future.

"We have many supportive factors for gold out there right now. We have high oil prices and stronger inflation fears worldwide and the fact that gold is now over $900 is also supporting the price. Technically gold is looking healthy," he told Reuters.

Gold prices hit their highest levels since May 22nd on Monday (June 30th) after crude oil prices reached another record high.

Traders are now awaiting US manufacturing activity data which is expected later this week.

Earlier this month, analysts John Hill and Graham Wark of Citigroup, said they believe gold will see a $1,000 an ounce average in 2010.

Founded in 1870, Commerzbank is the second-largest bank in Germany and is headquartered in Frankfurt.

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