The weakness of the dollar against Asian currencies could be one of the key drivers of gold price growth, according to one expert.
Speaking at the Indaba conference in South Africa, Martin Murenbeeld of DundeeWealth Economics said the value of the US dollar against currencies in Asia would be significantly more important than that against the euro for commodity prices, Reuters reports.
The ongoing weakness of the dollar has been one of the main factors helping to push gold bullion to record highs in recent months.
According to the World Gold Council, "gold is a statistically proven hedge against fluctuations in the US dollar" - a fact that seems to have driven a significant proportion of investors to the safe haven of the yellow metal in recent times.
"The dollar's decline versus Asian currencies is going to be far more important for commodity prices than the fall of the dollar versus the euro," Mr Murenbeeld remarked, going on to add that drops in global real interest rates are likely to result in key commodities' prices following an upward trend.
This is particularly likely in light of increased demand from the emerging Asian countries and China, he said.
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