Investors are flocking to gold bullion for its stable investment qualities, an expert has said.
Speaking to the Herald Sun, Gavin Wendt of Fat Prophets said that the yellow metal is currently proving attractive to investors looking for a "tangible" place in which to put their money amid volatility in the world's financial markets.
Gold prices hit a record of about $915 an ounce last week - reflecting the current state of the world economy and investors' concerns about the future.
With global markets this week suffering from significant slumps and uncertainty over whether the Federal Reserve's rate cut will be able to help the financial climate to recover, more people perceive investing in gold as a way to safeguard themselves from an increasingly difficult economic climate.
"At a time where markets overseas seem to have forgotten some fundamentals about security, about credit and risk, gold is reliable and proven," Mr Wendt explained.
According to the World Economic Forum, 2008 could see the highest levels of economic uncertainty compared with the last ten years.
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