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Gold Prices 'to rise in near and long term'

Gold Prices are likely to remain firm and will continue to strengthen in the future, it has been claimed.

According to Mineweb, Donald Doyle, chairman of New Orleans-based Blanchard and Company - the largest dealer in rare coins across the entire of the US - believes the Bull Run will continue in both the short and long term for gold.

This is likely to be the case for a number of reasons, including the fact that central bank demand is expected to continue growing, as countries such as Russia and Venezuela add to their reserves.

"Continuing low rates and currency risk that is prevalent in the market should lead to gold remaining firm in all currencies," Mr Doyle was reported as saying.

He also pointed to China's "vast dollar holdings", which are likely to be diversified into other assets, notably gold, and fears over the stability of Europe's "monetary union" as factors fuelling Gold Prices.

The bullish outlook on Gold Bullion is something that is shared by Philip Klapwijk, chairman of the GFMS, the London-based independent precious metals consultancy, which has published the annual Gold Survey since 1967.

Speaking to Economic Times of India, he said: "Gold is holding up very well given the foreign exchange market movements, and you have to ask why that is.

"Sovereign debt is very high up the agenda at the moment."

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