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Gold prices could stay at current levels for an extended period - Hugo Nelson, Coronation In an interview on Radio 2000 @ 18:55 on 27 November 2006 [miningmx.com] -- GOLD could stay in its current range, relying on its role as a financial instrument rather than fundamental reasons, said Hugo Nelson from Coronation Management. Gold is hovering around the $640 level, it's highest level in weeks. "It's very difficult to call but it does depend on its value as a financial asset rather than the supply and demand aspect of it," Nelson said on the Moneyweb Power Hour. "I wouldn't be surprised to see gold remaining in and about this sort of range for an extended period of time, but it's pretty hard to call," he said. The latest rally has come largely on the back of currency issues, he said. "It's largely dollar related. It's related to uncertainty in other financial assets, particularly the dollar because one didn't see this kind of strength last week when the World Gold Council released their supply and demand numbers for the third quarter," he said. "It's not been driven by supply and demand factors it's been driven and priced on the basis of being a safe haven asset," he said.
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