Gold News

Strong Gold Investment demand is 'driving up the market'

CPM Group analyst Jeffrey Christian has expressed his belief that Gold Investment will continue to rise for the foreseeable future, the Wall Street Transcript reports.

The World Gold Council revealed earlier this year that net retail investment demand for the yellow metal increased by 33 percent year-on-year during the first quarter of 2009.

Now Mr. Christian has explained that this trend is likely to persist in the coming months, while also noting that central banks will be switching from selling gold to Buying Gold.

He told the news provider: "If you look at the gold market itself, the single most important fundamental that's been driving the price up has been very strong investment demand.

"Investors have been buying more gold in more parts of the world for a longer period of time than ever before in history. This is over the last eight years."

Those comments come after Pradeep Unni, an analyst at Richcomm Global Services, predicted in an interview with Bloomberg that gold will receive "fresh momentum" on the back of further dollar weakness.

"[The] Fed's decision to keep interest rates low for an extended period may give enough fundamental support to keep the metal firm," he told the news provider.

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