Gold News

Gold Prices to embark on further rise, says analyst

A senior figure at Hyundai Futures claimed today (September 7th) that Gold Prices are set for a "further rise" in the coming months, Bloomberg reports.

The yellow metal is currently hovering at around the $1,000 per ounce mark as it looks to surpass the psychological barrier for the first time since February 2009.

Although Jang Joong Shik, head of precious metals trading at the Seoul-based firm, admitted that some selling is occurring, he explained that the overall trend is upwards.

He told the news provider: "The dollar will keep a weak tone, which combined with inflationary concerns, will power a further rise in the metal."

Those comments come after Chris Yu, head of trading at Seoul-based firm Samsung Futures, also expressed a positive outlook for the future of Gold Prices.

He explained that the dollar - which shares an inverse relationship with gold - is bound to struggle in the coming months as the economy gradually commences its recovery.

"Gold is dominated by moves in the dollar these days. With more data supporting an economic recovery, demand for the dollar is weakening," he said in a Bloomberg interview.

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