Gold Bullion demand has risen by 11 per cent year-on-year in the Gulf region as a result of the Akshaya Tritiya festival.

Yogaani Bhatia, United Arab Emirates country manager at the World Gold Council, told Reuters that demand has been unaffected by the recent gains in Gold Prices.

Bhatia said: "Despite the high gold Prices, we saw an increase in demand, which comes from the fact that consumers have gained confidence in gold as an investment and adjusted themselves to change in price."

Meanwhile, the Daily Times reveals that a number of currencies have seen Gold Prices continue on an upward trend.

The news provider states: "Gold priced in euros and sterling struck a record high overnight as did gold futures in Shanghai.

"Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a lifetime high of 1,214.065 tonnes."

It was added that such rises were likely the result of investors seeking a safe haven from volatile currencies.

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