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Gold Prices set for a break-out, says analyst

A prominent analyst has claimed today (August 27th) that Gold Prices could be set for a "break-out" before the end of the year, Reuters reports.

The yellow metal is still hovering in the mid-$900s after embarking on a number of small shifts over the summer months as investors differed in their views on its next move.

However, Robin Bhar from Calyon, the investment banking division of Credit Agricole - which is the second-biggest bank in Europe - explained that physical demand could send gold higher in the next few months.

"The only driver of gold appears to be the dollar," he told the news provider.

"As we move into September and October it is the Indian wedding season, and maybe some uptick in physical buying will allow a bit of a break-out."

A similarly optimistic outlook for the future of Gold Prices was outlined last week by Peter Fertig, owner of Hainburg-based firm Quantative Commodity Research.

He explained in an interview with Bloomberg that gold has become increasingly popular since oil prices - which often move in the same direction as the metal - surpassed $70 per barrel.

"The US dollar is a bit weaker and this is a supportive factor for gold. Gold seems to be well supported with oil prices above $73 a barrel," he told the news provider.

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