A senior figure at Fortis has suggested that Gold Prices will continue to increase over the coming weeks and months as they have established strong support, AFP reports.
The yellow metal has increased by 11.5 per cent in November alone since India's central bank announced that it was buying 200 tonnes of gold from the International Monetary Fund.
Now Wallace Ng, chief gold dealer at the Hong Kong-based firm, has explained that such developments are a sure-fire sign that further price rises are on the cards.
"We might see some early profit taking on the London opening, but a real bull trend has formed," he told the news provider.
"It's very easy to push the price higher right now. The sentiment in the gold market really changed since the IMF gold sale to India's central bank."
Meanwhile, Aram Shishmanian, CEO of leading marketing organization the World Gold Council, has also sounded a positive note for anyone currently holding a Gold Investment.
In its latest market report, the body claimed that investment demand for gold bars increased to 81.2 tonnes in Q3 2009, compared to 57.7 tonnes in the previous quarter.
Mr. Shishmanian revealed that the study also found that central banks bought 15 more tonnes of gold than they sold during the quarter, which suggests the emergence of an ongoing theme.
"We expect to see a continuing trend of central banks diversifying their dollar exposure in favor of gold. The outlook for investment is positive," he said.
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