Gold News

Fund managers 'still optimistic' about long-term gold prices

Gold futures have still not lost their lustre, according to analysts.

Despite the dollar having rallied slightly on Wednesday (March 19th), economic uncertainties and the recent aggressive rate cuts by the Federal Reserve are still making investors wary of currencies, reports the Sydney Morning Herald.

Many believe that gold bullion will continue to be used as a safe haven against the increasingly unstable economy as long as confidence remains low.

"You can't by any means believe the whole credit market issue has been resolved," James Steel, precious metals analyst with HSBC in New York, told the Associated Press

"We've seen some false signals before and a resurfacing of worries there would buoy gold."

The US Federal Reserve cut interest rates by three-quarters of a per cent on Tuesday (March 18th) in a bid to assist the ailing US economy following the collapse of major investment bank Bear Stearns and widespread fears of a recession.

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