A senior figure at the Bank of Nova Scotia claimed today (July 14th) that Gold Buying is still occurring for the yellow metal's appeal as an alternative investment, Reuters reports.

Gold Prices have been struggling since threatening to break through the $1,000 per ounce mark recently and some commentators are forecasting a drop below $900 per ounce.

However, the price is now at approximately $920 per ounce and Simon Weeks, head of precious metals at the bank, explained that gold is still more attractive than paper currencies.

He told the news provider: "[Gold] fell last week on commodities liquidation, but held above $900, which is good.

"Now buyers are back as they focus on an alternative to currencies."

A similarly optimistic view for the future of gold prices was outlined last week by CPM Group analyst Jeffrey Christian.

In an interview with the Wall Street Transcript, he explained that the metal is still riding the crest of a wave in terms of investment demand which is likely to continue for some time to come.

"If you look at the gold market itself, the single most important fundamental that's been driving the price up has been very strong investment demand," he told the news provider.

"Investors have been buying more gold in more parts of the world for a longer period of time than ever before in history. This is over the last eight years."

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