Gold News

Gold prices 'still have good support'

Gold prices will continue to be supported by fluctuating currencies, despite some hesitancy from investors during the G8 Summit.

This is according to Fion Ip, senior vice-president at Emperor Bullion Investment - one of Hong Kong's most prominent financial institutions - who said that she does not think the price for gold bullion will fall in the long term.

"Gold should still see very good support at $910," she told Xinhua, adding that she believes gold will remain at around $935 in the near future, but will become more bullish in the long run.

The escalating price of crude oil has been one of the main topics of discussion at the G8 Summit in Tokyo, with George Bush and Japanese president Yasuo Fukada both stating before the meeting that something should be done to curb the rise.

However, European Chief Commission chief Jose Manual Barroso told the Associated Press he feels there is not much the G8 can do in the near term to influence the price of the commodity.

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