Gold News

Gold Prices 'to average $1,050 per oz' in Q4 2009

A leading British bank has suggested today (September 11th) that Gold Prices will continue to perform strongly in the remainder of 2009, Reuters reports.

The yellow metal has risen above $1,000 per ounce this week, buoyed by the dollar - which tends to move in the opposite direction - hitting a 12-month low against a basket of rival currencies.

Now Standard Chartered has explained that the greenback's woes look set to continue, allowing Gold Prices to remain in four-figure territory in the final quarter of the year.

"Currency movements will be the principal driver for gold and the impact of the US dollar seems to have regained its prominence, despite a number of potential obstacles," it said in a note quoted by the news provider.

"With the US dollar likely to weaken further, gold should average $1,050 an ounce in Q4."

Meanwhile, Peter Fertig, owner of Hainburg-based firm Quantitative Commodity Research, has also endorsed the value of making a gold investment.

He correctly predicted last week that gold prices would hit $1,000 per ounce before the end of the month and highlighted the lack of risk appetite among investors at present.

"It is likely that $1,000 will be tested again during the course of this month," he said in an interview with Bloomberg.

"There has been a flight out of risky assets into gold as a safe haven. It's been out of stocks."

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