Gold News

Gold Prices 'to test record highs'

Commodity Warrants Australia Pty analyst Toby Hassall claimed yesterday (June 1st) that Gold Prices are likely to move towards a record high, Bloomberg reports.

The yellow metal reached an all-time high of $1,033 per ounce in March 2008 and flirted with that level again in February when pushing into four-figure territory.

Mr. Hassall explained in an interview with the news provider that the weakness of the dollar - which has traditionally followed opposing trends to gold - should see more Gold Buying.

He said: "Given the re-emergence of the typical inverse relationship between the dollar and gold, the likelihood of further weakness in the dollar should drive gold to a test of its 2008 record highs."

The Sydney-based analyst's comments were backed up last week by Sierra Highcloud from precious metals consultancy GFMS, who also predicted a strong 2009 for gold prices.

"There are many blips and corrections in every bull cycle, yet we believe that over the course of this year prices will, overall, remain well supported, if not move to fresh all-time highs," she told Fund Strategy.

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