Gold Prices are expected to increase further, with one expert insisting that bullion will experience "higher highs and higher lows".
Michael Cuggino, who manages $6 billion in the Permanent Portfolio fund that includes a 20 percent holding in bullion, believes there is enough buoyancy in the Gold Bullion market for prices to rise and stay there, according to Bloomberg's BusinessWeek.
He told the news provider: "Our view is that given the amount of liquidity being created around the world, it's a bullish market for gold. We expect higher highs and higher lows."
Meanwhile, the Economic Times reports that Gold Buying could be set for a spike in India as the Akshaya Tritiya festival, at which gold purchasing is a central theme, approaches.
The news provider states: "The Akshaya Tritiya festival is one of the two most auspicious days of the year to buy the yellow metal in the world's largest gold market, as Hindus believe they can get lasting prosperity by buying precious metals on the day."
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