Gold prices 'will go up even more'

Subodh Gupta of Anand Rathi Commodities has claimed today (February 3rd) that gold prices look set to continue rising in the coming few months, the Economic Times reports.

The yellow metal is traditionally viewed as an alternative investment to paper currencies, particularly during tough economic times when people are seeking a store of wealth.

Gold prices are currently around $100 per ounce below their record high and a number of market commentators have forecast further rises, with Mr. Gupta the latest to express that belief.

He told the news provider: "Gold has been spurred by the sudden investment demand, with all economies looking very uncertain. One can expect gold to go up even more."

The rise in demand for gold investment was alluded to last week by Nick Moore, head of commodity strategy for RBS Global Banking and Markets.

He explained that gold is increasing in appeal as global supplies of the metal are on the decline - which pushes prices higher - while a number of western economies are being "reinflated".

"There is an insatiable thirst for gold at the moment," he told Reuters.

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