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Fears over global sovereign debt crisis 'driving Gold Prices'

The rescue package being prepared in Europe may not be enough to solve fears among Investors Buying Gold over a global sovereign debt crisis.

That is the warning set out by Daniel Major, a global banking and markets analyst at RBS, the majority state-owned UK bank, which had £1.69 trillion in total assets as of last year.

Speaking to Reuters, he said that that doubts surrounding the massive aid deal would further bolster gold.

"Investors are trying to search out safe havens and clearly gold is one of those," Mr Major told the news provider. "While the current environment of acute investor risk aversion remains, gold is bound to benefit."

Further rises in Gold Prices are also being supported by the amount of extra money being put into circulation in the world's largest economies through the process of quantitative easing, according to MineWeb's Lawrence Williams.

"Ultimately, one suspects, gold will triumph," he wrote for the publication, noting that currencies "have to have bee devalued" when compared to stable commodities such as gold.

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