Gold demand growth 'to remain strong'

Demand for commodities such as gold looks set to stay strong in the near future, according to one expert.

Speaking to thisismoney.co.uk, George Cheveley of Investec said that commodity growth will see better growth than previously expected, primarily due to expansion within Asia, those investing in gold might like to know.

Gold prices saw an increase of more than 30 per cent in 2007, driven by demand from developing nations and the diversification of certain funds into commodities.

According to the World Gold Council, dollar demand for gold bullion reached a record high of $79 billion last year.

With gold supply continuing to come under increasing pressure, the trend for rising prices could continue into the longer-term future.

"During the 1950s and 1960s, commodities enjoyed high average rates of demand growth and over the next 15 years, we expect to see a similar scenario," Mr Cheveley remarked.

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