Gold Prices hit new high in sterling

Gold Prices have hit a new high in terms of sterling as fears over a hung parliament affect the pound.

The economic crisis gripping Greece has also been suggested as a contributing factor to the recent price spike, reports the Daily Telegraph.

Gold Prices rose by approximately 25 percent year-on-year to £773 per ounce

Juan Carlos Artigas of the World Gold Council told the news provider: "What becomes clear is that gold's continuing upward price trend is anchored in solid fundamentals."

Meanwhile, George Davis, chief technical analyst at RBC Capital Markets, said that Gold Bullion was becoming an increasingly attractive form of investment as a result of the safety it offered in a time of financial insecurity.

He said: "Gold is not just viewed as an inflation hedge in the current market. Given the euro region sovereign risk emanating from Greece, gold is also being used as a hedge against a potential financial crisis."

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