Gold News

Gold Prices to retest record highs 'in a little while'

A prominent analyst claimed today (December 9th) that Gold Prices will resume their ascent after a "reality check" period, Reuters reports.

The yellow metal has been surging in the past six weeks and reached a record $1,227 per ounce before dropping back to current levels at roughly $1,145 per ounce.

Tom Kendall, a precious metals strategist at Mitsubishi, explained that while there is still the possibility of a further sell-off, the longer-term trend still appears to be positive.

He told the news provider: "I would sum this up as a reality check for the gold market. We have seen a number of disappointments over the last few days in terms of economic data - Japanese GDP, German industrial production and a drop in SPDR holdings.

"It's going to be a little while before we challenge the highs that we saw last week."

Meanwhile, Eliane Tanner, a Zurich-based analyst at major financial services group Credit Suisse, has also predicted that gold will enjoy an encouraging end to the year.

Speaking to Bloomberg, she noted that the main driving factor is likely to be the dollar, which has traditionally shared an inverse relationship with Gold Prices.

"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," she told the news provider.

To Buy Gold today, avoiding wide spreads and storage costs – but still owning your physical Gold Bullion Investment outright with full legal title – be sure to visit BullionVault and claim a free gram of gold now...

BullionVault-cube-19504505-ADNFCR

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals