Gold News

Gold gets 'a string of good news'

Support from platinum, oil prices and the euro could help to boost gold prices, the Economic Times reports.

Adrian Koh, an analyst at Phillip Futures in Singapore, has pointed out that a dip in the strength of the euro and increased buying of platinum may persuade investors to return to commodity, while high oil prices may again invite gold investment as a hedge against inflation.

"[The euro] provides some support for gold. Higher oil prices and the platinum news are also supportive. So basically, it's a string of good news for gold," he said, according to the Economic Times.

Platinum is expected to increase thanks to a spurt in buying from the automobile industry, where it is used to cleanse exhaust fumes.

Meanwhile, Bloomberg reports that a survey of 19 gold traders, investors and analysts in London and Chicago last week found that nine advised now to be a good time to buy gold, while four were waiting to assess conditions further.

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