A precious metals strategist at Barclays Capital has claimed today (November 10th) that Gold Investment is continuing to rise in popularity, the New York Times reports.
The yellow metal has provided a safe haven since the beginning of the economic crisis and offers an alternative to the dollar, with which it shares an inverse relationship.
Suki Cooper from the leading investment bank has explained that the demographic of people Buying Gold appears to be increasingly including the average individual.
She told the news provider: "It's not that gold has changed, but gold buyers have changed.
"It's a structural shift we're seeing on the investing side, from Asian central banks right down to individual investors buying ingots and coins."
Meanwhile, gold bulls also received a boost last week with the news that India's central bank has purchased 200 metric tonnes of the metal from the International Monetary Fund (IMF).
Adam Klopfenstein, a senior market strategist at futures brokerage firm Lind-Waldock, explained that the transaction is an indication that it believes gold prices will rise.
"That's a big amount of gold they bought from the IMF. You are seeing flight-to-quality buying and they [traders] are shrugging off the currency movements," he said in an interview with the Wall Street Journal.
"We've seen a lot of gold rallies off of a weak dollar play, but we're seeing right now there is demand for gold regardless of the currency action. I think that strengthens the validity of the bull case in gold."
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