Gold investment booming in UK as pound suffers

A senior investment manager has claimed today (November 29th) that gold prices could easily retest the $1,000 per oz barrier in the coming months, the Daily Mail reports.

With the pound currently suffering against the dollar and the euro, UK gold bullion dealers have seen huge interest in physical gold from concerned investors.

Now Thomas Becket, head of global investment strategy at PSigma Investment Management, has explained that the country's gold buying looks set to remain strong for the foreseeable future.

Mr Becket, who manages the firm's Balanced Managed Fund of Funds, told the newspaper: "Looking further forward the pound is now seen as a risk asset. With UK rates going down towards zero per cent, gold's relative attraction is greatly enhanced for UK investors.

"Gold is the ultimate safe-haven asset and a proper store of value in difficult times."

The claim that gold is continuing to appeal to investors for its safe-haven qualities has also been echoed recently by James Steel, chief commodity analyst at HSBC, the world's largest bank by asset size.

"It is possible that gold is benefiting from safe-haven buying, which could be offsetting the impact of rising deflationary pressures," he said.

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