Gold Prices have risen on the back of speculation that the US Federal Reserve will keep interest rates at a record low.
That is according to Hiroyuki Kikukawa, general manager of research at Tokyo-based IDO Securities Co, who believes that the maintenance of low interest rates have had a direct impact on the price of the precious metal, according to Bloomberg.
Kikukawa said: "Bullion was supported by speculation that the Fed will keep rates near zero for the time being, and higher oil prices."
The US Federal Reserve is likely to keep the interest rates at such a low rate in order to safeguard the country's economic recovery.
An article in the China Post has also suggested that gold prices could well rise in the short-term.
The paper states: "If gold can hang on to $1,135, it will test the $1,145 mark in the short-term.
"Meanwhile, gold may challenge the $1,226 in the fourth quarter and may even surge to $1,300."
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