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Thursday, 28th September 2006 (4544 views)

The stock market price of gold has climbed back above $600 for the first time in weeks after oil began trading strongly.

The price of the two precious commodities are frequently closely tied to each other and oil's recent slump in the past few months had dragged gold down with it.

However, even after recent political turbulence had prompted analysts to predict a gold resurgence, the price of the yellow metal continued to dwell at around $580 an ounce.

Market movements now appear to have given gold a new lease of life, and analysts are widely forecasting a renewed surge from precious metal buyers across the globe.

Recently, two BMO Capital Markets analysts, Geoff Stanley and Heather Douglas, predicted a resurgence of the metal before the end of 2006 and it appears these widely-held views across the industry, and among investors, are more than empty promises.

 

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