An analyst at Richcomm Global Services has explained today (February 17th) that the strong recent performance of the Gold Price can be explained by surging investment demand, Reuters reports.
The yellow metal has hit its highest levels for seven months, with many commentators believing there is still plenty of scope for it to surpass its all-time high of £1,033 per ounce.
Now Pradeep Unni from the Dubai-based firm has explained that Gold Investment demand has played a major part in the metal outperforming rival assets.
He told the news provider: "Chart-based buying and persistent demand for investment purposes have been the fundamental triggers for such accelerated gains when almost all other asset classes are heading further south."
Mr. Unni's comments were echoed recently by US Global Investors portfolio manager Ralph Aidis, who suggested that he would not be surprised if gold prices reached $2,300 per ounce.
"If you plotted gold, the gold price went to its biggest extreme in 15 years inverse to the dollar and prompted people to get some gold in their portfolio," he told Mining Weekly.
"The dramatic correction has delayed but not destroyed the 20-year commodity cycle."
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