Gold News

People investing in gold 'as a store of wealth'

A leading figure at one of Switzerland's four bullion refiners has claimed today (January 30th) that people are increasingly investing in gold, Bloomberg reports.

Gold bullion looks to be in line for a rise of around 4.4 percent in January as investors look for a store of wealth as other commodities continue to struggle in the current climate.

Now Afshin Nabavi, senior vice-president at MKS Finance, has explained that the ongoing deluge of negative information emanating from the markets is pushing a concerted rush to buy gold.

He told the news provider: "We are only hearing bad news across Europe, the US and the Far East. The only thing left is gold."

Those sentiments were backed up by Bayram Dincer, a commodity analyst at Dresdner Bank in Zurich, who explained that money is continuing to flow into gold because of its safe-haven qualities.

"There's really strong physical demand," he told Bloomberg. "There's a motivation to preserve some wealth."

Gold prices reached a record high of $1,030 per ounce last March and some commentators have predicted that it will retest those levels this year.

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