Gold News

Current gold price appealing to Asian investors

A senior figure at a Hong Kong gold dealership has explained today (November 20th) that there is a growing feeling in Asia that the live gold price represents a good investment opportunity, Reuters reports.

Gold hit an intra-day high of $762.30 per ounce yesterday, although some market observers have suggested that it has lost some of the sheen it acquired when reaching $1,033 per ounce barrier in March.

However, Ronald Leung, director of Lee Cheong Gold Dealers, claimed that the current price is proving tempting for people considering investing in gold, particularly as concerns over the financial crisis persist.

He told the news provider: "I think people in Asia are happy to buy at below $750. People are happy to buy at these levels because they still think the banking sector is not safe.

"Even though governments say they will guarantee savings, people are shifting some money from banks to buy physical (gold).''

Such sentiments have been corroborated by Aaron Smith, the managing director of futures fund provider Superfund Financial, who also believes physical demand is strong.

Furthermore, he claimed recently that he believes that gold is not far away from being able to retest the $1,000 per ounce barrier.

"It's not inconceivable for gold to go back to its nominal all-time high, which was over $1,000 per ounce, by the end of the year or Q1 next year," he said.

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