Gold News

Gold Prices 'rising on growth in demand'

Those with Gold Investments will be pleased to know that increases in demand and details of the Greece bailout could cause the price of the precious metal to rise.

According to George Gero, vice president of RBC Global Futures, there had been concerns that Greece would have to rely on the International Monetary Fund to alleviate its mounting debt problems.

Historically, involvement of the global financial organisation has resulted in governments selling gold reserves to help pay their debts.

However, Mr Gero explained that a pledge of support from European Union leaders through the European Central Bank had allayed these fears, providing a boost to gold in the process.

This, coupled with high levels of demand for the precious metal, has had the effect of improving the outlook for Gold Prices at a time when the dollar is rising.

Investment expert Marc Faber, publisher of the Gloom, Boom and Doom report, has also moved to dismiss any lingering concerns over the long-term outlook for gold.

He stated in a Bloomberg Television interview in Hong Kong: "I don't see any scenario where gold will collapse."

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