Bargain Hunters Buy Gold

A REBOUND in people Buying Gold is predicted today by a senior trader, with more people – including Indian consumers, the world's No.1 buyers – expected to Buy Gold after the price dipped.

"Bargain-hunters are in the market" Buying Gold, says Afshin Nabavi, a senior vice-president at bullion refiner MKS Finance in Switzerland.

"We have seen a nice correction and people think that the market has bottomed out."

Mr Nabavi also told Bloomberg that Gold Prices could rise to as much as $1,300 this year if the economic outlook "continues to be jittery."

"I would expect we'll have a bit of a rebound," agrees Darren Heathcote, head of trading at Investec Australia, a worldwide investment company, speaking to Reuters.

"We expect to see Indian buying reassert itself," said Dennis Gartman, a leading financial analyst. The current dip will be "an opportunity to own more, not less Physical Gold."

Last week, Swiss bank UBS's chief gold analyst Edel Tully reported that "Physical demand is starting to perk up in regions that have been quiet for some time. Yesterday, our sales to India were noticeably higher" – the highest since January according to Bloomberg.