Gold News

Gold prices 'target $950'

Gold prices are expected to rise in the next few months due to increasing pressure on the dollar, it has been claimed.

According to one analyst, investors are waiting for gold bullion to move to a higher price based on increased interest from others in the market, which could happen in a relatively short time, reports Reuters.

"We expect the next target to be around $950. Still, it might take a bit of time to reach that level. The market remains shy after the recent price correction," said MKS Finance metals analyst Frederic Panizzutti, according to Reuters.

The increased volatility of the dollar could be good news for investors in gold, as it increases bullion demand as a safe haven commodity, therefore potentially increasing prices.

A recent GFMS report rebuked claims that the slight hesitancy in the gold market means it is "game over" for the precious metal, saying that the record gains seen in March 2008 were unsustainable over long periods.

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