The Reserve Bank of India's decision to Buy Gold has increased the commodity's attractiveness to investors, it has been suggested.
According to the World Gold Council, the faith displayed in the precious metal by the central bank is testament to its safe-haven qualities, reports the Indo Asian News Service (IANS).
The WGC said: "The announcement of a 200 tonne purchase by the Reserve Bank of India played a key role in underpinning sentiment and Gold Price expectations, reinforcing the perception that gold is reliable and safe," according to the news provider.
However, bullion-watcher John Ing, of the research-based institutional investment dealer Maison Placements Canada Inc, suggests that Gold Investment should be recognised as offering greater rewards than simply that of a safety net, according to the QMI news agency.
He told the news service "there is no question" gold prices will surpass the previous all-time high of $1,226.10 an ounce seen last year.
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