Gold News

Demand for gold bullion across Asia fuelling investment

Asia is experiencing a huge rise in demand for gold bullion in the wake of the recent sharp price correction.

The latest trends are also being compounded by worries over the future of other financial assets and upcoming religious festivals.

Nigel Moffatt, treasurer at Perth Mint, a bullion custodian in Western Australia, has explained today (August 22nd) that gold buying is on the surge as investors consider the current climate to be particularly favourable.

He told the Gulf Times: "Physical bullion seems to be the flavour of the month at the moment.

"There's an awful lot of people interested in holding a non-fiat type of currency and that’s where gold comes in."

Mr. Moffatt also added that with the gold price looking set to increase over the coming months, demand is already comfortably outstripping levels experienced in recent years.

Those views were corroborated by Pravin Metha, president of the Chennai Jewelers and Diamond Merchants Association, who explained that increased sales and low availability is creating prime gold investment conditions.

He said: "In the last couple of weeks, we have sold about the same amount of gold that we sold in the previous three to four months.

"In the last five to six days, banks are not selling any stocks to us citing low availability with them."

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