Gold News

Gold Investment rising over 'banking sector concerns'

A German-based precious metals trader claimed yesterday (April 20th) that Gold Investment is on the rise as people are still seeking a safe haven for their money, Reuters reports.

Wall Street slid by almost four percent after the Bank of America Corporation reported a sizable increase in troubled loans, curbing previously emerging appetite for risk.

With that in mind, Heraeus' Alexander Zumpfe has explained that investors are looking to Buy Gold as a store of wealth, despite the dollar index strengthening to a one-month high.

He told the news provider: "Concerns about the banking sector have put equities under pressure and caused investors to look out for gold as a traditional safe haven."

Those views were echoed by Afshin Nabavi, head of trading at MKS Finance in Geneva, who noted that the recent drop in the gold price has been used as an investment opportunity.

"There are bargain hunters lined up. Demand is picking up. India seems to be hungry for gold prior to the wedding season," he told the news provider.

"Overall the physical demand at these levels is becoming a bit more interesting."

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