WGC: Gold Prices are the result of a measured rise

The World Gold Council (WGC) has stated that the maintenance of Gold Prices above $1,000 per ounce should not be viewed as a temporary peak, but a consequence of a sustained price rise.

Aram Shishmanian, chief executive officer of the WGC, said that Gold Prices were not creating an economic 'bubble', reiterating that the surrounding fundamentals remained steady.

He said: "The sustained break above the key $1,000 per ounce level came in early September, with record highs being tested repeatedly over the remainder of 2009.

"The current trading range should not be regarded as an overnight spike, but the result of a measured rise, supported by favorable and robust gold fundamentals."

Recent positive backing for the precious metal has also come from Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, who said that despite a recent struggle, the outlook for Gold Prices looked good.

He said: "Gold dropped significantly and was in an oversold situation … [but] the recovery of the euro against the dollar has helped gold," reports Bloomberg.

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