Gold News

Gold Prices 'supported by robust fundamentals'

Suggestions that current Gold Prices are nothing but a short-term spike have been dismissed by a prominent industry analyst.

Aram Shishmanian, chief executive at the World Gold Council, said that as a result of a backdrop of solid economic fundamentals, Gold Prices will remain above the $1,000 per ounce mark for some time yet.

He said: "The Gold Price has been building steadily for nine consecutive years, ending 2009 25 percent higher than on 31 December 2008 at $1087.50 per ounce.

"The current trading range should not be regarded as an overnight spike, but the result of a measured rise, supported by favourable and robust gold fundamentals."

Meanwhile those Investing in Gold in India were reported by Reuters to be picking up "bargains", although it was acknowledged that concerns over the rupee had prevented even higher levels of investment.

A dealer with a private bullion dealing bank in Mumbai told the news provider: "Deals are there, [but] people are worried on the currency front."

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