Gold Investment demand 'will drive the market'
A senior figure at Fortis Bank claimed today (September 28th) that demand for Gold Investment will continue to prop up the price of the metal, Bloomberg reports.
Gold has increased by about 4.5 percent this month alone as the dollar - which tends to trade in the opposite direction - continues to lose its appeal with investors.
Wallace Ng, chief precious metals dealer at the bank's derivatives unit, explained that the current lack of risk appetite is likely to keep demand for Investing in Gold on the rise.
"Investment demand will continue to drive the market. [Falling stock prices may] encourage a flight to safety," he told the news provider.
Those comments were backed up last week by Darren Heathcote, head of trading at the Australian division of major international specialist banking group Investec.
He explained that, while gold has dipped below $1,000 per ounce in the past few days after reaching four figures, the longer-term picture for the metal remains positive.
"It isn't surprising to see, when we do get a little bit of uncertainty, that people take profits off the tables," he said in an interview with Reuters.
"But generally, for the moment, the trend looks like it's still continuing upwards. And I guess as we head towards the wedding season, the physical demand is going to pick up as well."
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