Gold News

Gold Prices to enjoy 'strong year-end rally'

Credit Suisse AG analyst Eliane Tanner claimed today (December 3rd) that the current Gold Price rally could last until at least the end of the year, Bloomberg reports.

The yellow metal has been on the charge in the past year - gaining about 60 percent - and has proved particularly strong in recent weeks, setting a number of all-time highs.

Ms. Tanner, from the Zurich branch of the major financial services group, explained that further gains are likely while the dollar - which tends to move in the opposite direction - continues to struggle.

She told the news provider: "Momentum is very positive for gold. Weakness in the dollar is expected to go on until the end of the year. Gold could have a strong year-end rally."

Another positive factor for anyone with a Gold Investment is the recent announcement that the Reserve Bank of India (RBI) has purchased 200 tonnes of the metal from the International Monetary Fund (IMF).

Furthermore, the IMF is rumoured to be keen to sell another 200 tonnes and a report in the Financial Chronicle newspaper last week claimed that the RBI is "open to buying it".

"(The) RBI is an independent body and the government does not interfere in its affairs," an Indian government official told the publication.

"It will get the gold if its bid is successful and at the price it has offered."

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