Chinese new year to encourage Gold Investment
Gold Prices are expected to resume their upwards climb ahead of the Chinese new year, it has been suggested.
According to Dow Jones Newswires, MF Global analyst Tom Pawlicki believes that physical buying - in addition to the support being provided to Greece as it struggles with its debts - will boost the value of gold.
He told the news provider: "There's some talk of improving gold demand in front of the Chinese new year."
Dow Jones Newswires explained that gold has been trading as a hedge against risk in recent months, meaning that debt concerns in the eurozone have emerged as a driver for gold prices.
As George Gero, metals analyst at Canadian investment bank RBC Capital Markets, explained to MarketWatch, the European Central Bank's plan to support Greece seems to involve no selling of precious metal reserves.
"Greece will be handled without having to sell gold," he noted.
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