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Gold Prices to increase over next 10 years, says expert

Despite recent fluctuations Gold Prices will increase over the coming decade, an industry expert has claimed.

Owen Hegarty, an expert in mineral resources and vice chairman of the Hong Kong-listed G-Resources Group, which has nearly 2.5 million ounces of gold reserves, believes that Gold Prices will continue to increase as a result of an established relationship with diminishing supply, according to Xinhua.

He told the news provider: "As a commodity, the supply of gold, or gold that has been mined, has been declining since 2001. For the foreseeable future, or at least in this decade, all reasons to buy gold are positive."

While there have been a few mine finds recently, such as that in Fiji, there are also a number of mines across the world that are experiencing a reduction in output, a trend that could contribute to a rise in Gold Prices if it continues.

And Gold Prices are rising once more in India, with the Economic Times reporting that the country is experiencing an upward curve in both sales and prices of the precious metal.

The news provider reports that following a rise of 55 rupees per ten grams, traders commented: "The ongoing correction in equity markets has opened up the door for [the] yellow metal as an alternate bet."

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