Gold Prices to 'ultimately head higher'

An analyst with Credit Suisse Group expressed his belief today (July 23rd) that Gold Prices look set to move higher over the coming months, Bloomberg reports.

Although trading in the yellow metal is traditionally muted in the summer months, the greenback - which moves in the opposite direction - is struggling, with the Dollar Index at its lowest since June 3rd.

Now Stefan Graber from the powerful financial services company has explained that he expects Gold Investment to push prices upwards if resistance at $950 per ounce can be broken.

The Singapore-based analyst told the news provider: "We expect prices to ultimately head higher, but the market needs to break the $950 mark more decisively first."

Those comments come after Imran O'Brien, an executive director at SA Bullion Fund Management, also providing a resounding endorsement of investing in gold.

He highlighted the importance of including the metal in any portfolio, stating that it should serve as the "bedrock currency component".

"It is the safest store of wealth in these uncertain economic times and it should be made as widely accessible as possible to provide financial security and opportunity to the greatest number of investors," he added.

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