Gold News

Lower Gold Prices 'represent buying opportunity'

An India-based gold wholesaler claimed today (June 15th) that there could be a "fresh wave" of Gold Buying if prices continue to fall, Reuters reports.

Gold Prices hit a three-month high of $989.30 per ounce on June 3rd, but have since dropped back to $930.85, the lowest level seen for almost a month.

Now Ganesh Agarwal of Shiv Sahai & Sons in Chennai has explained that he is expecting investors to view the falling price as an opportunity to buy the yellow metal.

"In south India, marriages start by [the] third week of July, so there could be some increase in demand, particularly if prices drop by about $10 to $12 from current levels," he told the news provider.

"If prices do drop by that much, there could be a fresh wave of buying."

Those comments come after Koji Suzuki, senior analyst at SBI Futures, claimed last week that his firm is still seeing investors buy gold as a hedge against longer-term inflation.

"We find regular investors buying gold as a hedge when the dollar weakens," he said in an interview with Reuters.

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