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CNBC News Associate
Gold prices are reaching the peak and running out of steam on this rally, said Charlie Morris of HSBC Global Asset Management.
Gold prices [US@GC.1
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] are “merely reflecting [US] dollar weakness,” Morris told CNBC.
“Against other currencies, there is no rally. If you look at [gold prices] against the yen, euro, sterling — you see it as flat as a pancake in the last two to three months.”
Morris said people are buying gold for the wrong reasons.
“[Gold prices] are not going up — it’s only going up in dollar terms because the dollar is falling,” he said.
CNBC Feature:
Morris said the short-term market is overbought. Once the normalization of the world continues, the gold market “just needs to tread water for quite sometime,” he said.
Disclosure:
No immediate information was available for Morris or his firm.
CNBC Slideshows:
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Gold-Mining Companies:
Barrick Gold [ABX
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AngloGold Ashanti [AU
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Newmont Mining [NEM
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Gold Fields [GFI
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Data is a real-time snapshot *Data is delayed at least 15 minutes