Gold News

Gold buying 'to increase 20% in 2009'

The head of a major gold trading service provider in Bangkok, Thailand has claimed today (November 24th) that gold buying will increase by 20 per cent in the next year, the Bangkok Post reports.

The price of gold bullion has grown by ten to 15 per cent annually over the past few years and hit a record high of $1,033 per ounce in March 2008.

Now Boonlert Siripatvanich, president of Ausiris Gold Investment, has explained that demand for investing in gold is on the rise as uncertainties over market conditions persist.

He told the newspaper: "Savings demand has increased due to the economic uncertainties. Gold is a good alternative for savings or investment."

Some market commentators have claimed recently that the levels of people investing in gold for its safe-haven qualities could plunge as the dollar is a more attractive proposition.

However, Robin Bahr, an analyst at Calyon, the investment banking arm of Credit Agricole, the world's sixth-largest bank, has dismissed those suggestions.

"Safe-haven buying will continue to underpin the gold price," he said.

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