Gold News

Report offers positive gold outlook

The long-term outlook for gold investments appears positive, according to a new report.

Gold bullion has now cemented its status as a safe haven investment against the backdrop of economic uncertainties, investment firm BlackRock said.

The yellow metal's push beyond $1,000 an ounce earlier this year provided evidence of this, with investors ploughing money into gold as a result of fears over the banking situation, the organization suggested.

It also indicated that Asian and Middle Eastern central banks are increasingly looking to balance their US dollar reserves with other options and said "it would not be surprising if some turned to gold as an alternative" - something that could be good news for those already buying gold.

"Demand for gold jewelry may also grow in the long-term as a prosperous middle class emerges in the developing world," BlackRock stated.

Indeed, the Gold Survey 2008 from GFMS, released earlier this month, suggested that jewelry demand rose by 22 per cent in the first half of 2007 compared with the same period the previous year.

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