Gold News

Abu Dhabi investors 'buying gold again'

Investors in Abu Dhabi are returning to gold bullion following recent price rises.

This is according to Tushar Patni of the Gold and Jewelry Group, who told Reuters that while increases in the price of gold bullion put off some buyers in January, they have now become used to the new highs and are returning to the market.

And despite the drop in business in January, the actual value of the market remained unchanged - thanks to gold's soaring value.

"As we approached March, [investors] started to get accustomed to the new price levels and started to buy gold again as they now expect prices to rise further," Mr Patni remarked.

Precious metals consultancy GFMS said in a report published earlier this year that it expects rising investment demand for gold to push prices past the $1,000 an ounce mark, something that almost happened last year.

Investors will continue to buy gold to secure themselves against inflation and economic turmoil, it added.

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