Gold News

Gold Prices surging 'like there's no tomorrow'

An analyst at Citigroup claimed today (December 2nd) that demand for Gold Investment is continuing to spur the price of the yellow metal, Bloomberg reports.

Gold has increased by 37 percent already in 2009 as the dollar - with which it shares an inverse relationship - has plunged by 8.5 percent against a basket of six major currencies.

David Thurtell, from the world's largest financial services group, explained that there is such a rush to Buy Gold that any dips are being reversed by investment inflows.

"Gold continues to push higher and is surging like there is no tomorrow. Investor demand remains strong with spurts of profit-taking," he said in a new report quoted by the news provider.

Meanwhile, Wallace Ng, chief gold dealer at Hong Kong-based firm Fortis, has also expressed his belief that investing in the yellow metal at present is a sound strategy.

In an interview with AFP, he noted that increased central bank interest in gold - signalled by India's recent purchase of 200 tonnes - is generating significant momentum.

"A real bull trend has formed. It's very easy to push the price higher right now," he told the news provider.

"The sentiment in the gold market really changed since the International Monetary Fund gold sale to India's central bank."

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