Buying gold is the "ultimate defence" against unpredicted economic events, an expert has said.

Speaking to the BBC's Money Programme, Jill Leyland of the World Gold Council said that the organisation has seen much gold investment occur around the world since the credit crunch began in August.

"Gold is no one's liability and that means it is the ultimate defence against unforeseen contingencies," she commented.

The Money Programme also noted that while demand for gold bullion is on the up, gold supply is following a downward trend - potentially making investing in gold an even more worthwhile move.

Figures from the likes of GFMS and some of the world's biggest gold mining countries, such as South Africa, which has recently been displaced as the biggest gold producer globally, appear to support this.

Richard David of BlackRock recently predicted that gold prices are likely to surpass the $1,000 an ounce mark once again as a result of rising inflation and the yellow metal's safe haven properties, Reuters reports.

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