Gold News

Likelihood of Gold Prices increasing is 'very high'

The head of major fund manager BlackRock suggested on Saturday (February 21st) that he sees no reason why Gold Prices cannot continue to rise, Reuters reports.

The yellow metal pushed above $1,000 per ounce for the first time since March 2008 on Friday and is now within touching distance of its all-time high of $1,033 per ounce.

Now Evy Hambro, managing director of BlackRock, has explained that a number of factors are currently at work which should provide a boost to anyone with a Gold Investment.

He told the news provider: "Production is falling, central banks are selling less, gold jewelry demand continues to go well and we have strong investment buying.

"If you put all that together, the likelihood of gold moving higher is very high."

Mr. Hambro's comments come after Ellison Chu, manager of precious metals at Standard Bank Asia in Hong Kong, claimed last week that he also sees gold prices heading upwards.

"There's a lot of money flowing into gold as the stock market continues to decline," he told Bloomberg.

"We've been seeing gold consolidate at $930-$940 for a while so it's time to test higher levels."

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