Gold price upward momentum unlikely to stay
Dubai - XINHUA
The eurozone\'s deliberation on a bailout for Cyprus drove up the gold price but chances are slim for the metal to maintain the upward momentum, an expert with Emirates NBD said here on Saturday.Gerhard Schubert, head of the banks\' precious metals department, said in a weekly report that whenever the world encounters financial uncertainties, gold is the biggest beneficiary.The gold price went up by 17 U.S. dollars and reached 1,609 U.S. dollars an ounce on Friday.Schubert noted the metal could continue to be under pressure until it breaks two important price levels. \"It first has to break 1,620 U.S. dollars convincingly and then move above 1,710 U.S. dollars,\" Schubert said on future outlook.
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