Rise in Gold Prices
Spot gold prices saw a rise today, up 0.8% on the close of market on Monday. This can be attributed to the euro gaining some strength against the dollar.
This current rise in gold prices will depend much upon the mood or sentiment of the market as it reacts to the movement of the volatile dollar. Further, President Obama’s budget deficit forecast might create negative sentiments and this in turn might affect commodity prices.
Traders and analysts appear optimistic however, that with wholesale traders noting “strong physical demand” for gold in Asia, price’s will continue to rise and now might be an opportune time to buy gold.
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