Gold Prices set to 'test higher levels'

A senior figure at Standard Bank Asia has claimed today (February 17th) that investors' money is continuing to be used to Buy Gold, Bloomberg reports.

Gold Bullion is being bought up in major quantities as concerns over the state of the economy persist, with costs expected to spiral higher and trade predicted to suffer.

Now Ellison Chu, manager of precious metals at the bank in Hong Kong, has explained that gold prices are set to move even higher in the coming months.

He told the news provider: "There's a lot of money flowing into gold as the stock market continues to decline.

"We've been seeing gold consolidate at $930-$940 for a while so it's time to test higher levels."

Mr. Chu's comments come after Graham Birch of the BlackRock Gold and General fund claimed last week that gold investment is still a prudent strategy, even if the banking system plunges into further crisis.

"Gold operates outside the banking system. It will retain its value even if the banking system collapses," he told the Times.

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