Economic expert said today that the attention of investors in the global gold market is now turning to the press conference to be held by the U.S. Federal Reserve Chairman Ben Bernanke before buying the yellow metal in view of the impact performance of the gold dollar.
The director of alloys in the range of the Emerald Jewelry Hamid Rajab told Kuwait News Agency (KUNA) that if the U.S. Federal Bank continued the policy of quantitative easing to stimulate the economy, the prices of gold poised to rise during the trading next week.
Hamid added that the policy of quantitative easing affect the levels of inflation in the United States and the world in general that the U.S. currency is the major reserve currency in the world “and if inflation increased after this policy of course will be directed investors to gold as a safe haven.”
He said the gold and the positive out of his performance since the beginning of this year, achieved an increase in price by about 35 percent, adding that one ounce of $ 1790 U.S. dollars in the previous trading “, the highest price since November 2011.”
Hamid and link this rise constantly European concerns of lack of success of the European rescue plan for Greece, which is now facing grave dangers in not being able to repay sovereign debt has helped the rise of gold also went through the investor haven for European security.
He explained that Silver also recorded significant gains since the beginning of the year, 13 percent indicates that it remains the second option for investors in gold after the purchase of an intensive, especially in last week’s record alone rose by 4 percent.
He predicted that up gold prices to $ 1800 per ounce in the event of announcement of the Fed the U.S. continuing to injections dollar, “either in the case of raising U.S. interest rates, the prices of gold will face profit-taking decline with prices to the level of 1760 or 1765 USD/Troy per ounce.”