Gold buying on the cards as prices tipped for increase
A long-term positive trend for gold has been predicted on the back of violence in the Middle East, Reuters reports.
In an interview with the news provider, Adrian Koh, a Phillip Futures analyst, noted that gold prices were likely to thrive on the back of the turmoil in the Middle East, suggesting the commodity will be an ideal investment for those looking for an alternative to the dollar.
The US currency has been affected by further gloomy predictions for the future of the US economy.
"From a gold perspective, prices are certainly likely to move higher on any tensions, wars and uncertainty," Mr Koh commented.
His view was backed up by Standard Bank analyst Manqoba Madinane, who believes gold's prospects look positive as long as the financial markets remain stable.
A Bloomberg poll of financial analysts recently found the majority believe it is a good time to buy gold.
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