The appeal of gold investment has not been diminished, despite a slight consolidation of prices, experts believe.
Investors are continuing to be drawn to gold as a safety net against inflation, reports Reuters, with the current situation in crude oil markets assisting the metal's rally.
Tatsuo Kageyama, an analyst at Tokyo's Kanetsu Asset Management, said that he believes $950 an ounce will be the psychological barrier for people considering gold investment.
"Gold's fate continues to be bound closely to that of crude oil and the dollar. I think we'll see buying again after the recent round of selling runs its course," he said.
Crude oil futures reached a record high on Thursday (May 22nd), which could push gold prices higher, as the two usually operate in tandem.
Meanwhile, analysts have warned that oil prices are likely to remain high for as long as eight years, widely affecting the motoring and petrol industries, reports the Telegraph.
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