Gold News

Investors to Buy Gold 'for safe-haven qualities'

A senior figure at CPM Group has claimed that investors will be looking to Buy Gold as the economic landscape for the next few months is gloomy, the Wall Street Journal reports.

Gold Prices rose to an all-time high of $1,030 per ounce last March and broke through the four-figure barrier again in February as investors sought a safe haven from the financial crisis.

Now Carlos Sanchez, associate director of research at the company, has explained that underperforming firms, rising unemployment and poor economic data are all increasing the yellow metal's investment appeal.

He told the news provider: "We are going to see weak economic data over the next several months [and] unemployment is expected to rise. You will see investors move to safe-haven assets."

Meanwhile, Indian gold demand has started to pick up tentatively ahead of a key festival in the country next week and could gather strength later in the year, according to Sanjiv Batra.

Mr. Batra, managing director of MMTC, India's state-run trading house, told the Wall Street Journal: "We expect to see a revival in gold demand from October."

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