Gold experts advise gold buying

Dealers in gold are advising those looking for gold investment opportunities to take the opportunity to purchase amid speculation of further rallies.

Reuters reports that the precious metal is getting strong support above $900 an ounce, with experts suggesting that the psychological barrier may have been lifted thanks to the prevailing economic conditions and the falling dollar.

"Gold was showing some drive and that could carry over," a spokesperson told the news provider.

In related news, poor economic data regarding consumer confidence in the US released last week has helped to encourage gold investment as a safe haven against other assets such as currencies, which may lose value in the currently difficult economic climate.

Earlier this week, it emerged that a series of gold mines are to close, including an operation in Venezuela which has been halted for environmental reasons. Since this was a large mine, it could reduce gold output significantly for the Latin American country in 2008.

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