Gold News

Safe-haven Gold Buying 'may be returning'

Brian Kelly from Kanundrum Research has claimed that safe-haven Gold Investment interest may be returning after a quiet period, the International Business Times reports.

Gold Prices broke through the $1,000 per ounce barrier for the first time in almost a year in February, but have since dipped below $900 per ounce after failing to break resistance.

Mr. Kelly has admitted that the low Consumer Prices Index figure revealed last week could be a problem for the yellow metal but has also noted that people are still seeking a store of wealth in the current climate.

He told the news provider: "The strength in gold suggests the safe-haven bid may be returning."

That view was echoed last week by John Reade, head metals strategist at UBS, who explained that the fundamentals for gold investment on a long-term basis are still in place.

"The reasons why investors bought gold - fears of longer- term inflation and currency debasement - remain intact," he told Bloomberg.

"[Once gold prices have stabilized] we expect bottom-fishers to begin the next cycle of investment."

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