Gold News

Investors 'looking for Gold Prices to move higher'

A prominent Indian jeweller claimed yesterday (August 2nd) that Gold Investment is a sound option for small-time investors looking for a store of wealth, the Times of India reports.

The yellow metal has been on a concerted bull run since dropping below $300 per ounce in 2001, providing a hedge against inflation and, more recently, a safe haven during tough economic times.

Pushpendra Jaiswal, convener of Akhil Bhartiya Swarnkar Parishad, explained that those who have already bought into gold are now looking for it to test its all-time high of $1,030 per ounce.

He told the publication: "The ones who had invested in gold last year have earned a good profit and thus are investing more in the hope that the prices may rise further."

Those comments come after Carsten Fritsch, an analyst at Commerzbank, the second-largest bank in Germany, also expressed a positive outlook for the future of Gold Prices.

He explained in an interview with Reuters last week that further falls in the dollar - which moves in the opposite direction to gold - are likely to benefit the precious metal.

"As long as the dollar remains under pressure due to falling risk aversion, then gold should also go higher," he told the news provider.

"At the moment, gold is not behaving like a safe haven, but is moving higher when risk aversion is declining."

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