Investors looking to buy gold have been advised that the yellow metal could be a particularly favourable interest to have in the future.

Speaking to the Business Standard, V Shunmugam, chief economist at MCX, said that gold can be a "good bet" in the long-term, particularly if the dollar and oil prices move in the right direction.

Shailendra Kumar of Sharekhan added that gold prices are likely to rise due to the European Central Bank's recent decision to maintain the interest rate at its current level.

"Gold plays the role of being a good hedge against inflation. And given that inflation is driven to a great extent by crude oil prices, it is important to consider crude oil movements," the Business Standard stated.

Last month, the World Gold Council released a report indicating that demand for gold is particularly high in countries such as China and Russia - something that could have a positive effect on gold bullion prices in the long-term.

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