Gold Investment demand 'showing no signs of abating'

An analyst at VTB Capital predicted today (December 1st) that Gold Prices are set for further rises as investment demand remains strong, AFP reports.

Gold has set a number of records in recent weeks and enjoyed a particularly fruitful performance in November as money continued to flow out of the US dollar.

Now Andrey Kryuchenkov, from the investment banking arm of major Russian institution VTB Bank, has suggested that there are no indications that the metal's bull run is close to its conclusion.

"As ever, another painful week for the US currency saw new highs for gold," he told the news provider.

"The case for gold remains bullish, with investment demand yet to show signs of abating."

Those comments were strongly backed up last week by leading British bank Standard Chartered in its latest Commodities Quarterly report.

Citing increased central-bank buying and ever-growing retail interest, it predicted that Gold Prices will continue to advance, with a particularly strong showing in the fourth quarter of next year.

"The increased availability of scrap gold as prices surge to new highs will see gold average $1,300/oz in Q4 2010 - once the dollar resumes its weakening trend," Helen Henton, global head of commodity research at the bank, told Bernama.

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