Gold News

Survey highlights bullish views on Gold Prices

A new survey released today (July 24th) has suggested that Gold Prices could rise as investors continue to search for alternative investments to paper currencies.

Bloomberg quizzed 24 traders, investors and analysts and found that the majority (14) expressed bullish sentiments towards gold, with only six taking a bearish outlook.

Supporters of Gold Investment cite the recent weakness in the dollar - which tends to move in the opposite to the yellow metal - as a reason to expect prices to move higher.

Frederic Panizzutti, senior vice-president at MKS Finance, told the news provider: "The US dollar is under pressure and gold seems to be tightly correlated to the US dollar weakness."

The US Dollar Index, which tracks the greenback against a basket of six other currencies, fell to its lowest level for seven weeks on Wednesday and has already dropped by 1.8 percent in July.

Meanwhile, David Thurtell, an analyst at Citigroup, an American company which has the largest financial services network in the world, has also offered a positive view on gold.

Although he also highlighted the significance of movements in the dollar, he explained in an interview with Reuters that gold's value as a hedge against inflation is increasing its appeal with investors.

"Gold is basically dollar-driven, but there are expectations that all this monetary stimulus is going to spark inflation concerns and therefore interest in gold," he told the news provider.

"There is a view that if world growth is in a gradual recovery trend, that will eventually help fabrication demand."

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