Gold News

China is 'fuelling precious metal boom'

Investment experts have claimed that the long 'bear market' for commodities like precious metal has been consigned to the past by the growth of the Chinese economy.

Investment management firm Hargreaves Lansdown claimed that China's physical expansion and its growth in wealth were making new demands on precious metals, pulling their prices up.

Investors from Asia's growing economies have lined up to buy gold as the metal's price has risen astronomically on global markets, while other metals like platinum have seen demand for their industrial uses surge, the group claimed.

Mark Dampier, head of research for Hargreaves Lansdown, said: "Precious metals generally have moved up very, very strongly.

"Any precious metal; even things like copper [have] gone up hugely because the Chinese are importing so much for their cities."

Gold prices have led the recent resurgence in commodities, with bullion investors flocking to the safe-haven value of gold and this week sending its price cleanly through the $800 mark.

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