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Tuesday, September 15, 2009

Gold Bullion's longer-term momentum "remains intact" - Tuesday 15th September 2009

Gold's long-term future is still bright despite short-term losses, an analyst says.

The price of Gold Bullion slipped today (Monday, September 14th) on the back of increasing interest in the dollar and oil weakness.

However, those who see Investing in Gold as a long-term prospect have been advised that these short-term losses are not indicative of a wider trend, Bloomberg reports.

According to Hwang Il Doo, a senior trader with KEB Futures Co. in Seoul, long-term demand for the yellow metal is likely to hold steady as concerns about inflation prevail.

"Gold is in a modest consolidation stage as the dollar rebounded," he told the news provider.

"The upward momentum over the longer term remains intact as more people are looking for shelter from a potentially inflationary environment."

Last week, David Thurtell told Reuters that the weakness of the dollar was also major factor behind gold's recent surge.

In an interview with the news provider, he said: "The dollar seems like it could be heading for $1.50 against the euro. There are bound to be people seeking currency hedges and gold's a good one."

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