Gold News

Uptrend in Gold Prices 'remains intact'

A prominent figure at KEB Futures has claimed today (October 16th) that he fully expects Gold Prices to continue on an upward path, Bloomberg reports.

The yellow metal has enjoyed a remarkably strong month, reaching several all-time highs which finally culminated in a price of $1,070.80 per ounce on October 14th.

Although it is now trading at closer to $1,050 per ounce, Hwang Il Doo, a senior trader at the Seoul-based firm, explained that this is merely a lull before another move higher.

"The dollar's downtrend remains intact and so does gold's uptrend," he told the news provider.

"A pause in the dollar's loss may provide an excuse for investors to take profits which won't of course alter the bullish outlook for precious metals."

The travails of the greenback were also highlighted last week by Jason Foster, a precious metals analyst at Van Eck Global.

While acknowledging that investors will Buy Gold as a hedge against inflation, he also explained that fears over the future of the US currency are the most bullish signal for the metal.

"Dollar weakness and inflation are the two big drivers. Sentiment towards the dollar is overwhelmingly bearish," he said in an interview with CNN Money.

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