Leading gold trade expert blames stronger US dollar for gold price surge

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BANGKOK, 24 April 2013  A leading gold trade expert is blaming the continued strengthening of the US dollar as a key factor that has pushed the price of gold up. 

Hua Seng Heng Gold Futures Director Sirilak Pakotiprapha said on Wednesday that gold price closed lower on Tuesday, after 5 consecutive days of rise.

Ms. Sirilak stated buying was briefly active during the day before selling took over once financial markets in Europe and the US opened. The reverse of trade later led gold price to fall and finish in the negative territory.

She added that the strengthening of the US dollar also pushed the prices of gold and silver down on Tuesday.

Ms. Sirilak also said that better-than-expected US corporate earnings in March were credited for the rebound in the dollar.

However, gold price fell less than silver price, due to substantial demand for gold from Asian investors, seen in the past week.