Investors are Buying Gold in large numbers as they look to protect themselves from other, riskier asset classes.

That is according to a metals analyst at BNP Paribas, the global banking group which had more than €2 trillion in assets as of 2009 and over 200,000 members of staff.

Speaking to the Financial Times, Anne-Laure Tremblay explained that retail investors were also driving up Gold Prices with their increased demand.

"There has been a strong increase in physical gold demand from retail investors on the back of growing concerns over sovereign risk," she added.

With fears over debt levels having a particularly strong impact on investors, Gold Prices in euros this week reached a new all-time high of €962.20 per ounce.

Ms Tremblay suggested that continued instability in the eurozone would further undermine the EU currency and strengthen the dollar, a trend that could subsequently undermine Gold Prices.

However Marc Faber, a trader of international repute and author of the Gloom, Boom and Doom report, rejected such a notion in underlining the severity of the US' own sovereign debt situation.

"Many people haven't woken up to the severity of the US fiscal crisis," told CNBC in a phone interview.

"The only difference for the US from Greece is that it can print more money."

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