Gold News

Gold Prices 'stirred by economic uncertainty'

Economic uncertainty surrounding the financial markets is currently conspiring to boost Gold Prices and those of other metals.

That is the summation given by Standard Bank analyst Walter de Wet, whose firm is the one of the largest banks in South Africa and employs over 50,000 members of staff around the world.

Speaking to Reuters, he said investors continue to Buy Gold despite the emergence of details surrounding the $1 trillion rescue package that is being readied for struggling eurozone states.

He explained: "There's still very good support for gold. The current bailout is just a sweetener.

"We'll need to wait and see whether they put in place actual measures to prevent eventual default."

Financial expert Andy Davidson, an analyst at Numis Securities, one of the UK's leading independent investment brokerages, also believes that Gold Prices will be boosted by the efforts of many countries to tackle their public spending deficits.

"Long-term fundamentals are supportive, with the repeated and ever-larger government bail-out programmes adding huge inflationary pressure to the major currencies over the long-term," he told the Press Association.

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