The price of Buying Gold increased by 1.5 per cent on Thursday to more than $1,100 an ounce as a result of further falls in the dollar.
While US Gold Investment prices are currently being swayed by the state of the greenback, demand has also increased for the yellow metal following a recent selloff by several investors.
In fact, one analyst explained that the rise in Gold Prices was partly a response to the recent dip, but noted that the fundamentals which saw gold reach record highs earlier this month remain solid, the Globe and Mail reports.
"Gold's rising because of a weak dollar," Standard Chartered's Daniel Smith told the publication, "but also the recent selloff was a bit overdone as a lot of the factors that supported gold are still in place."
This follows comments made last week by Peter Fertig of Quantitative Commodity Research, who suggested that the growing popularity of gold in recent weeks may also have been fuelled by increased risk-taking among investors.
Reuters reports that he said: "Stock markets have recovered and that indicates that at least a little more risk-taking is coming back into the market."
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